STAMFORD, Conn.--(BUSINESS WIRE)--Nov. 1, 2002--GE Commercial Finance, through its Vendor Financial Services (VFS) business, announced today that it has completed its acquisition of Deutsche Financial Services' commercial inventory financing businesses from Deutsche Bank AG.
Under the terms of the agreement, Deutsche Bank has received cash proceeds equal to approximately US-$2.9 billion. This includes the purchase price as well as the repayment of debt. Deutsche Bank AG and GE Commercial Finance had entered into a definitive agreement for Deutsche Bank to sell Deutsche Financial Services' commercial inventory financing businesses on September 15, 2002.
The Deutsche Financial Services businesses involved in this transaction provide commercial inventory financing for over 1,000 manufacturers and nearly 14,000 dealers of industrial equipment, technology products and a wide variety of marine products and recreational vehicles. The businesses with about 1,200 employees serve markets in the United States, Canada and Europe. Excluding securitized receivables of US-$ 2.7 billion, the acquisition provides GE Commercial Finance with US-$ 2.7 billion of net funded receivables.
About GE Commercial Finance
GE Commercial Finance offers businesses of all sizes an array of financial services and products worldwide. With more than $180 billion in assets, and a particular expertise with mid-market companies, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. It also offers loans and financing leases for major capital assets, including transportation financing solutions; industrial facilities and equipment, and infrastructure-related facilities; commercial and residential real estate loans and investments; and loans to and investments in public and private entities in diverse industries. GE Commercial Finance is headquartered in Stamford, Connecticut. GE is a diversified services, technology and manufacturing company with operations worldwide.
About Deutsche Bank
With about EUR900 billion in assets and approximately 82,000 employees, Deutsche Bank offers its 12 million clients unparalleled financial services in 75 countries throughout the world. The Bank aspires to be a leading global provider of integrated financial solutions for demanding clients and the pre-eminent bank in Germany generating exceptional value for its shareholders and people.
Deutsche Bank ranks among the global leaders in corporate banking and securities, transaction banking, asset management, and private wealth management, and has a significant private & business banking franchise in Germany and other selected countries in Continental Europe.
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or
Deutsche Bank
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Armin Niedermeier
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Dr. Wolfram Schmitt
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Jeff Wilson
GE Capital Corporate Finance
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