GE Capital has agreed the sale of its Irish mortgage business which could see up to 40 staff losing their jobs.
GE Capital currently employs 114 people in Shannon, Co Clare and 78 in Dublin. It is believed the majority of the job losses will be in the Dublin office.
The mortgage book, which has outstanding loans valued at €600m, has been sold to Australian lender Pepper Home Loans Group.
Pepper Home Loans intends to establish Ireland as a platform to enter the European market and has said it will consider offering new mortgages in the medium term.
It will also take over the servicing of GE's personal loan book valued at €200m.
GE announced its intention to dispose its Irish mortgage loan book in its first quarter earnings statement. It has 3,500 active mortgage accounts but no new business since 2008.
Customers of GE Capital Woodchester Home Loans Ltd are unaffected by the sale.
Pepper is one of Australia’s leading providers of specialist residential mortgage finance and servicer of third-party asset portfolios, including residential and commercial mortgages, equipment and car loans, and unsecured loans.
