GE Acquires Sole Ownership of East Asia GE Commercial Finance

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
Stephanie Ban, +81-3-6230-2531 (Tokyo)
stephanie.ban@ge.com

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