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GE CAPITAL SIGNS JOINT VENTURE AGREEMENT WITH SERFIN FINANCIAL GROUP

 GE CAPITAL SIGNS JOINT VENTURE AGREEMENT WITH SERFIN FINANCIAL GROUP
 STAMFORD, Conn., April 21 /PRNewswire/ -- GE Capital today announced it has acquired a significant interest in leasing, factoring and warehousing subsidiaries of SERFIN Financial Group in Mexico.
 GE Capital's strategic alliance with SERFIN, a holding company for financial services, brokerage and banking businesses, includes OBSA Leasing, OBSA Warehousing and OBSA Factoring. Terms of the transaction were not disclosed.
 Gary C. Wendt, chief executive officer of GE Capital, said, "This is GE Capital's first direct investment in Mexico. This is consistent with our strategy to expand GE Capital's focused approach to international markets, where we are committed to bringing specialized value-added services to our customers.
 "We see Mexico as an attractive marketplace given the renewed vitality of its economy," Wendt said, "and the businesses we have chosen are the fastest growing financial services in the country. OBSA Factoring and OBSA Warehousing already have the third largest market positions in Mexico, and OBSA Leasing, a new business, is growing rapidly. We are confident that the combination of GE Capital's experience, especially in leasing, with SERFIN's established strength in local markets will propel these joint ventures into leadership positions."
 Adrian Sada Gonzalez, president of SERFIN Financial Group, said, "We are pleased to be associated with GE Capital, as it will bring its technological and marketing capabilities to our customers in Mexico. The joint ventures will provide us with a distinct competitive advantage in these business lines."
 OBSA Factoring is the third largest factoring business in Mexico, with an 8 percent share of the market. Its operations cover the major cities in Mexico and it has an international presence through Chain International Factors.
 OBSA Warehousing ranks among the top three firms of its type in Mexico, and OBSA Leasing, a new business, ranks 14th among national leasing firms.
 SERFIN Financial Group, a prominent Mexican financial services firm, is the holding company for Mexico's third largest bank, Banco SERFIN, recently privatized, and for Operadora de Bolsa, the country's second largest brokerage firm. SERFIN Financial Group has assets in excess of $18 billion.
 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 in more than 20 businesses. 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- 4/21/92
 /CONTACT: Anthony B. Zehnder of GE Capital, 203-357-4728, or home, 203-657-3824/
 (GE) CO: General Electric Capital Corporation; SERFIN Financial Group ST: Connecticut IN: FIN SU: JVN


AH-GK -- NY087 -- 0783 04/21/92 15:01 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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