STAMFORD, Conn.--(BUSINESS WIRE)--Aug. 30, 2005--GE Consumer Finance, the consumer lending unit of General Electric Company (NYSE: GE), today announced that it will offer a new private label credit card to U.S. customers of IKEA, the world's leading home furnishings retailer. The IKEA Card will be issued by GE Consumer Finance and will be available to IKEA shoppers in the coming months.
NORWALK, Conn.--(BUSINESS WIRE)--Aug. 29, 2005--GE Commercial Finance Global Media & Communications today announced that it has enhanced its relationship with private equity firm Arlington Capital Partners through two financings for Cherry Creek Broadcasting and its subsidiary Long Island Radio, LLC. Over the past several weeks, GE committed $15 million to a $40 million senior secured facility for Cherry Creek Broadcasting and served as Administrative Agent for a $6 million senior secured facility for Long Island Radio.
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ISTANBUL, Turkey--(BUSINESS WIRE)--Aug. 26, 2005--Dogus Holding A.S and GE Consumer Finance (GECF) the global consumer lending unit of General Electric Company (NYSE: GE), today announce that the parties have reached agreement regarding the acquisition by GECF of a 25.5% share in Garanti Bank, Turkey's third largest private bank. The transaction is subject to regulatory approvals, and is expected to close in the fourth quarter of this year.
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STAMFORD, Conn. & HOUSTON--(BUSINESS WIRE)--Aug. 22, 2005--GE Commercial Finance Energy Financial Services announced today it has invested, for the first time offshore, $70 million in a limited partnership with F-W Oil Exploration L.L.C. to acquire and produce natural gas and associated liquid hydrocarbons in the Gulf of Mexico. Energy Financial Services will also finance the completion of a 48-mile pipeline system to transport gas from F-W's gas fields in the South Padre Island area.
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NORWALK, Conn.--(BUSINESS WIRE)--Aug. 22, 2005--GE Commercial Finance Global Media & Communications announced today that it has provided a $70 million financing facility to Charlotte, NC-based Bahakel Communications. GE served as administrative agent and sole lender for the transaction, which closed August 3, 2005.
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KETTERING, Ohio--(BUSINESS WIRE)--Aug. 16, 2005
GE Consumer Finance, the consumer lending unit of General Electric Company (NYSE: GE), today announced it plans to acquire E*TRADE Consumer Finance Corporation, an affiliate of E*TRADE FINANCIAL Corp., which provides consumer financing solutions for recreational vehicles and marine products.
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LONDON--(BUSINESS WIRE)--Aug. 11, 2005--GE Insurance Solutions has announced the appointment of Peter Elliott to lead operations for the UK, Irish and Middle Eastern business of GE Insurance Solutions' European Life & Health Division.
Formerly Head of Sales for the region, Mr. Elliott together with a newly appointed management team will lead the business in these markets.
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SEOUL, Korea--(BUSINESS WIRE)--Aug. 9, 2005
GE Consumer Finance (GECF), the global consumer lending unit of General Electric Company announced today that it has signed an agreement with Hyundai Card, one of South Korea's leading credit card providers, to form a strategic alliance in Korea.
Under the terms of the agreement, GE Consumer Finance will acquire a 43% stake in Hyundai Card through a purchase of shares valued at $305 million, and participate in a rights issue in the amount of $162 million.