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GE CAPITAL ACQUIRES 50 PERCENT INTEREST IN UMF

 GE CAPITAL ACQUIRES 50 PERCENT INTEREST IN UMF
 STAMFORD, Conn., April 30 /PRNewswire/ -- GE Capital today announced


that it has acquired a 50 percent interest in United Merchants Finance Limited (UMF), Hong Kong's leading independent installment finance company, for in excess of $25 million.
 Gary C. Wendt, chief executive officer of GE Capital, said, "We view this acquisition as one of the cornerstones of GE Capital's expansion in the Asia-Pacific region. This transaction represents our first significant entry into the Hong Kong market."
 The interest in UMF, which has assets of HK$1.8 billion, was acquired from a subsidiary of Barclays Bank. Subsidiaries of Jardine Pacific, the trading and services arm of the Jardine Matheson Group, Hong Kong, will continue to hold the remaining 50 percent of UMF, having done so since the company's inception in 1972.
 "We will be joining forces with Jardine in UMF, a leading provider of installment credit, and a business with strong growth potential in Hong Kong and Southeast China, one of the world's emerging markets," Wendt added.
 UMF's chairman, Jardine Pacific Director William Courtauld, said, "We welcome GE Capital as our new partner in UMF. GE Capital will bring added strength to an already highly successful company."
 Barclays Bank Hong Kong Director Mark Tress said that in spite of this disposal, the bank was increasing its business activities in Hong Kong, and that the sale of its interest in UMF is part of Barclays' global strategy to concentrate on its core activities of corporate and investment banking.
 UMF was established in 1972 and is a Restricted License Bank under Hong Kong's Banking Ordinance. It provides a wide range of installment finance services, including hire purchase, leasing, mortgages, personal and business loans. In 1991 UMF achieved a net profit after tax of HK$85 million.
 GE Capital, headquartered in Stamford, a wholly-owned subsidiary of General Electric Company (NYSE: GE), is a diversified financial services company with assets exceeding $80 billion. GE Capital's financing activities include equipment management, equipment financing, corporate financing, consumer/retail financial services, commercial real estate financing, and specialty insurance. GE is a diversified manufacturing, technology and services company with operations worldwide.
 -0- 4/30/92
 /NOTE TO EDITORS: UMF's figures are in Hong Kong dollars; GE Capital's figures are in U.S. dollars/
 /CONTACT: Anthony B. Zehnder of GE Capital, 203-357-4728, or home, 203-657-3824/
 (GE) CO: GE Capital Corp.; United Merchants Finance Limited ST: Connecticut IN: FIN SU: TNM


GK-AH -- NY047 -- 5014 04/30/92 14:00 EDT
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Publication:PR Newswire
Date:Apr 30, 1992
Words:417
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