TIAA Bank has purchased a $1.5 billion portfolio of equipment leases and loans from GE Capital’s Healthcare Equipment Finance (HEF) business.

The move enables the commercial banking business of the Florida-based financial services company to offer a full range of financial solutions to institutional clients and increase the number of healthcare providers it caters to.

“TIAA is dedicated to delivering financial solutions to institutional clients, including those in the healthcare industry,” Lori Dickerson Fouché, senior executive vice president and CEO of Retail & Institutional Financial Services at TIAA, said in a statement. “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.”

The sale of the portfolio comes as GE Capital works to scale down its operations and become more focused. It also follows the sales of other divisions and strategic moves made by the corporate enterprise over the last few months in an attempt to focus its attention on its core businesses of power, aviation and renewable energy. These include its recent decision to spin-off its healthcare division as a separate company, as well as the $1 billion acquisition of GE Healthcare’s software unit by private equity firm Veritas Capital.

Under the current agreement, TIAA will acquire the portfolio of loans and leases provided to approximately 1,100 hospitals, as well as 3,600 physician practices and diagnostic and imaging centers throughout the U.S. for the financing of imaging, monitoring, respiratory, surgical, ultrasound and lab equipment.

Included in the transaction is a five-year vendor financing agreement for U.S. customers of GE Healthcare. Leadership, infrastructure and sales force of GE HEF will be integrated into GE Healthcare in 2019, with the team continuing to originate and service transactions under a co-branding arrangement with TIAA bank.

“This is an excellent outcome for GE Capital, GE Healthcare and its customers,” Trevor Schauenberg, president and CEO of GE Capital Industrial Finance, said in a statement. “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.”

TIAA bank offers a variety of solutions to its clients, including business banking, term loans, lines of credit, real estate and equipment financing.

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