February 2008
GE Commercial Finance announced that it has entered into a definitive agreement to become the sole shareholder of East Asia GE Commercial Finance (EAGE). In 2001, GE acquired a 50 percent equity interest in EAGE. Under the terms of the new definitive agreement, EAGE, with the support of GE, will repurchase the remaining 50 percent of its outstanding equity interest from Bank of East Asia. Acquiring sole ownership of EAGE is a key step towards executing GE's long-term strategy for the Greater China market.
Established in Hong Kong in 1972, EAGE has over 35 years of experience in factoring and serving SMEs. GE Commercial Finance has one of the largest factoring businesses globally, and has been in trade finance for over 10 years. Under GE’s leadership, EAGE will fully leverage GE’s financial strength and expertise to become an important link in GE’s global trade finance network. The company’s current product offering will be expanded to incorporate a wider range of innovative trade finance products.
"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.”
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