SMFG decides to buy GE's Japan leasing business for up to $4.9 billion - Nikkei

TOKYO (Reuters) - Sumitomo Mitsui Financial Group (SMFG) has decided to buy General Electric Co's (GE.N) Japan-based leasing business for 500 billion to 600 billion yen (3.2 billion pounds/$4.9 billion), the Nikkei business daily reported on Friday.

The purchase will make SMFG Japan's second-largest lessor by assets after Orix Corp (8591.T), the Nikkei said.

For GE, a sale would be part of a plan to divest global assets, the newspaper reported.

The deal will be closed by year-end, the Nikkei said, without stating where it obtained the information.

Sumitomo Mitsui Finance and Leasing Co Ltd beat several bidders including the leasing arm of one of SMFG's major banking rivals, as well as other lessors and banks, the Nikkei said.

SMFG officials were not available to comment. A GE spokesman in Japan declined to comment beyond stating the report was not based on its announcement.

(Reporting by Chang-Ran Kim and Junko Fujita; Editing by Muralikumar Anantharaman and Christopher Cushing)