GE makes key Asian acquisition

GE Commercial Finance has entered into a definitive agreement to become the sole shareholder of East Asia GE Commercial Finance (EAGE).

This agreement follows GE's acquisition of a 50% equity interest in EAGE in 2001. EAGE, will now, with the support of GER, repurchase the remaining 50% of the outstanding equity interest from the Bank of East Asia.

EAGE was established in 1972, and has over 35 years of experience in factoring and serving SMEs.

This latest development aims to ensure EAGE becomes a vital component of GE's global trade finance network, with particular emphasis on strengthening its presence in the East Asia and Chinese market.

"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.”