General Electric has agreed to sell its Japanese consumer finance arm and other businesses to Shinsei Bank, a mid-sized Toyko-based bank that is nearly a third owned by JC Flowers, for Y580bn ($5.4bn).

Shinsei is buying the Lake personal loan business, as well as GE’s Japanese credit card and mortgages units. GE Money, however, will continue to operate GE Nissen Credit, its credit card joint venture with the shopping catalogue group Nissen.