As announced in April 2015, GE Capital has begun to progressively abandon its European Operations to refocus on its industrial activities. 14 months since the announcement, several exit deals have already been concluded. The first significant deal was concluded with Santander Santander which agreed to acquire GE Money Bank AB, GE Capital's consumer finance business in Sweden, Denmark and Norway. The latest deal was the sale of the French Unit to Cerberus on June 2016. Most recently, GE made an IPO with its Czech branch, which now operates under the name Moneta.