Company aims to expand coverage of asset consulting services to more local banks
TOKYO, JAPAN, 17 September 2009 - GE Financial Services Corporation (Minato-ku, Tokyo; Seiji Yasubuchi, President and CEO; hereinafter referred to as "GE"), a Japanese commercial finance subsidiary of GE Capital of the United States, has concluded an outsourcing contract to provide asset consulting services to Hyakujushi Bank (Takamatsu, Kagawa prefecture; Tomoki Watanabe, President). Under the contract, GE will offer tailored services in the areas of asset appraisal and remarketing, as well as assist in the selection and monitoring of collateral assets owned by clients of Hyakujushi Bank.
This contract marks the second time GE Capital is providing similar asset consulting services to a local bank in Japan. GE Capital's asset consulting services will enable local banks such as Hyakujushi Bank to extend financing options to their customers by leveraging assets that were traditionally not used as loan collaterals.
With its extensive experience and expertise in the appraisal of assets such as machine tools and manufacturing equipment, GE will also tap its global network of used assets to provide resale services, including resale of used machinery and equipment, for customers nationwide.
Mr. Seiji Yasubuchi, President and CEO of GE Capital Japan, said, "This alliance with Hyakujushi Bank underscores our desire to partner with leading local banks by providing value-added and differentiated services. With asset consulting services, our banking partners will be able to take advantage of GE's global expertise and network and gain even more flexibility when financing their customers' business activities. In turn, this will unleash liquidity in the market which will be beneficial for the economy as a whole."
Looking ahead, GE Capital plans to strengthen its collaborative relationships with local banks in Japan by expanding the coverage of its asset consulting services to provide tailored solutions. Through these services, GE Capital aims to be a more active partner to the local banks and help contribute to local economic development.
About GE Capital
GE Capital offers consumers and businesses around the globe an array of financial products and services. GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. For more information, visit the company's Web site at ge.com.
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