GE Capital has insisted that all Gandon Holdings operations are for sale, even though it had indicated strongly that it wanted to keep the company's structured finance division.

GE's interest necessitated the issuing of separate information memorandums last week on Gandon's remaining operations.

GE Capital, which is Gandon's parent, put the company's entire operations up for sale several months ago. Gandon was expected to fetch £60-£70 million (€76-€89 million).

However, GE expressed "very strong interest" in Gandon's structured finance division, according to a GE spokesman.

It then had to issue new information memorandums for the corporate loan book and the deposits operations.

The spokesman insisted yesterday that "a range of options remain open".

He said there been a "revival of interest" in Gandon "in its totality" from both foreign and domestic interests.

He added that GE had been interested in the structured finance division "because of its international dimension".

He added that GE could still not be ruled out as a purchaser.

It is thought that the structured finance division was the most attractive part of Gandon and that it would fetch substantially less without this division.

The corporate loan division is said to have around £170 million of lending.

There is also a rate risk management and corporate foreign exchange and treasury products division.

Those understood to be interested in acquiring Gandon include Equity Bank - currently thought to be a strong contender for buying Smurfit Finance Leasing which is also on the market - Anglo Irish Bank and a German bank, possibly Deutsche Bank. Anglo Irish recently bought out the interests of Smurfit Paribas and may be interested in acquiring some of Gandon's operations. Gandon employs 65 people and is based in the International Financial Services Centre. It is said to have posted profits of £6.5 million last year.

Gandon was established in 1983 with £33 million funding from British and Irish institutions.

Different parts of the businesses were later sold off, including some operations to Woodchester.

The current company was sold as part of Woodchester Investments which in turn was bought by GE last year for £591 million.

GE has assets of £163 billion and operates in 21 countries.

Its main business is motor and equipment finance and consumer services such as motor leasing and credit cards and home mortgages.