General Electric (NYSE:GE) has divested a portfolio of its healthcare equipment leases and loans from its GE Capital Healthcare Equipment Finance biz to TIAA Bank in a $1.5 billion deal as GE looks to trim down and narrow its focus, the companies said today.

Jacksonville, Fla.-based TIAA Bank said today that the acquisition will expand its commercial banking business and its ability to provide a full range of financial solutions to an increased number of healthcare providers.

“This agreement with GE Capital supports our long-term asset growth plan and provides scale and portfolio diversification while significantly expanding our on-going relationship with GE, a top-tier healthcare equipment manufacturer. The healthcare industry is dynamic and ever-changing, and the need for new healthcare equipment continues to grow at a rapid pace. This deal will allow TIAA Bank and GE’s healthcare finance business to continue to help clients with their financing needs for years to come,” TIAA Bank chair & CEO Blake Wilson said in prepared remarks.

The divestiture also includes a five-year vendor financing agreement for U.S. customers of GE Healthcare, the groups said. GE Healthcare is slated to integrate the infrastructure, salesforce and leadership from its Equipment Finance division next year, and will continue to operate under a co-branding arrangement with TIAA Bank.

The acquisition includes loans and leases to approximately 1,100 hospitals and 3,600 physician practices, diagnostics and imaging centers in the US for imaging, monitoring, respiratory, surgical, ultrasound and lab equipment, the companies said.

“TIAA is dedicated to delivering financial solutions to institutional clients, including those in the healthcare industry. This transaction expands our ability to meet the complete financial needs of hospitals and universities we serve, allowing them to fund their operations, achieve strategic goals and continue to provide high-quality care to millions of Americans,” TIAA retail & institutional financial services CEO Lori Fouché said in a prepared statement.

“This is an excellent outcome for GE Capital, GE Healthcare and its customers. TIAA Bank is a well-known, highly respected institution and we look forward to working with its outstanding team, ensuring a strong foundation for the future and seamless continuity of service for our U.S. customers. With this portfolio sale and financing alliance, we are expanding our funding capability and improving our competitive offerings for our customers,” GE Capital industrial finance CEO Trevor Schauenberg said in a press release.

Shares in GE have fallen approximately 3.6% so far today, at $7.87 as of 11:28 a.m. EST.

Earlier this week, a report emerged suggesting that GE may be looking to put more of its healthcare business on the table in a planned upcoming spin-off and IPO, growing from a previous announcement of 20% to as much as 49.9% of the division.

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