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The company will use the income to cut is net debt, it said in a statement. The sale is subject to regulatory approval.
ABB shares, which were suspended prior to the announcement, rose 13% to Sf8.66 when trading resumed.
ABB said it was confident of meeting the target to cut its net debt by at least $1.5bn this year. It stood at $4.1bn at the end of 2001, but rose to $5.2bn in the first half of 2002.
The structured finance portfolio includes global infrastructure, financing, equipment, leasing and financial businesses. ABB will retain about 15% in areas relating to its core business, and its financial advisory unit.
The ABB structured finance business employs 500 people in 11 countries.
GE Commercial Finance is the commercial lending, financing and leasing business of General Electric. -Sapa-AP
