Proceeds of transaction will be redeployed for higher returns
TOKYO, Japan -- September 22, 2008 -- GE Money, the consumer financial services unit of the General Electric Company (NYSE: GE), announced today it has concluded the Y580 billion (US$5.4 billion) sale of its Japanese consumer finance business to Shinsei Bank, a leading diversified Japanese bank. All closing conditions have been satisfied, including the receipt of all regulatory approvals.
GE Money will continue to pursue growth opportunities in Japan via GE Nissen Credit Co. Ltd, its credit card joint venture with Nissen, a leading shopping catalogue. GE's Commercial Finance business has a strong presence in Japan, including leasing, fleet services, healthcare finance, and commercial real estate.
Commenting on the transaction, William H. Cary, President and CEO of GE Money, said, "We are pleased to have concluded this deal in a timely fashion in such a difficult environment. This transaction underscores our strategy of redeploying capital to markets where we have the ability to achieve greater scale and which offer stronger long term sustainable growth. Shinsei Bank is a first class organization, and our Japanese business will be well-positioned for long-term success under their ownership."
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ABOUT GE MONEY
With more than $200 billion in assets, GE Money, a unit of General Electric Company, (NYSE: GE) is a leading provider of retail banking and credit services to consumers and retailers in more than 50 countries around the world. With more than 130 million global customers, GE Money, based in London, UK, offers a range of financial products, including private label credit cards, personal loans, bank cards, mortgages, debt consolidation and home equity loans and credit insurance. More information can be found at http://global.gemoney.com.
ABOUT GE
GE (NYSE: GE) is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. GE is Imagination at Work. For more information, visit the company's Web site at http://www.ge.com.
Robert Rendine