NEW YORK: General Electric said it had agreed to sell its vehicle fleet management and financing services in the US and three other countries to Canadian firm Element Financial for $6.9 billion.

GE, which is restructuring to focus on its core industrial business, also said it had signed a preliminary agreement to sell its European fleet businesses to Arval, a subsidiary of French banking giant BNP Paribas and a partner of Element.

The announcement is the latest step in GE’s plan to sharply pare back GE Capital in the wake of the 2008-2009 global financial crisis.

The transactions announced Monday would bring total GE Capital asset sales to $63 billion. The total could reach $100 billion by the end of the year, said Keith Sherin, GE Capital chairman and chief executive.

“We continue to demonstrate speed and execution on our strategy to sell most of the assets of GE Capital,” Sherin said.

GE Capital Fleet Services provides fleet management services and commercial car and truck financing around the world for more than 1.5 million vehicles.

Element bought GE Capital’s Canadian fleet business in 2013.

The transaction includes the transfer of the employees, systems, offices and other assets required to operate the GE Capital businesses in the US, Mexico, Australia and New Zealand.