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Year 2008
GE Acquires Sole Ownership of East Asia GE Commercial Finance - 5 Feb
Hong Kong--(BUSINESS WIRE)--GE Commercial Finance today announced that it has entered into a definitive agreement to become the sole shareholder of East Asia GE Commercial Finance (EAGE). In 2001, GE acquired a 50 percent equity interest in EAGE. Under the terms of the new definitive agreement, EAGE, with the support of GE, will repurchase the remaining 50 percent of its outstanding equity interest from Bank of East Asia. Acquiring sole ownership of EAGE is a key step towards executing GE's long-term strategy for the Greater China market.
Established in Hong Kong in 1972, EAGE has over 35 years of experience in factoring and serving SMEs. GE Commercial Finance has one of the largest factoring businesses globally, and has been in trade finance for over 10 years. Under GE's leadership, EAGE will fully leverage GE's financial strength and expertise to become an important link in GE's global trade finance network. The company's current product offering will be expanded to incorporate a wider range of innovative trade finance products.
"EAGE is a great strategic fit with GE," said Nancy Ku, President and CEO of GE Commercial Finance, Greater China. "With the synergies between companies, we will have the potential to build a regional trade finance business for Hong Kong and Greater China."
About East Asia GE Commercial Finance
Established in Hong Kong in 1972, East Asia GE Commercial Finance is jointly owned by GE Commercial Finance in United States and The Bank of East Asia, Limited of Hong Kong. Over the last three decades, East Asia GE Commercial Finance has served Hong Kong companies with expertise in asset-based finance services.
About GE Commercial Finance
GE Commercial Finance (www.gecommercialfinance.com) offers businesses around the globe an extensive array of financial products and services. With more than US$276 billion in assets and expertise in the middle-market, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. Headquartered in Norwalk, Connecticut, GE Commercial Finance is a wholly owned subsidiary of the General Electric Company (NYSE:GE), a diversified services, technology and manufacturing company with operations worldwide.
GE Contact:
Stephanie Ban (Tokyo)
+81-3-6230-2531
stephanie.ban@ge.com
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