Printer Friendly


 STAMFORD, Conn., Dec. 3 /PRNewswire/ -- GE Capital and Bank Austria today announced the signing of a definitive agreement for GE Capital to acquire from Bank Austria the shares of MercurBank, a Vienna-based consumer and auto finance company. The purchase price is approximately $83 million.
 The transaction is subject to the approval of Austrian regulatory authorities.
 Gerhard Randa, Deputy Chairman of the Managing Board of Bank Austria, said, "I welcome GE Capital to the marketplace and look forward to exploring opportunities for cooperation."
 Edward D. Stewart, Executive Vice President of GE Capital, said, "The acquisition of Mercur is another step in GE Capital's focused approach to expansion in Europe, and is our initial entry into the consumer-oriented finance market in Austria."
 GE Capital has long been a leader in providing a wide range of financial products to consumers, including over 70 million credit card accounts in North America and Europe. It is also America's largest non-captive automobile lessor.
 Mercur is a specialized consumer and auto finance company headquartered in Vienna, with 33 branches throughout Austria. It provides consumer credit and automobile loans and leases to approximately 100,000 customers.
 At September 30,1993 Mercur's assets totaled $710 million (AS 8.6 Bn).
 Bank Austria is the largest bank in the Republic of Austria, with total assets of $47 billion (AS 568 Bn) and total deposits of $37 billion (AS 450 Bn) at the end of September 1993. It has 380 branches serving 1.5 million customers.
 GE Capital, a wholly owned subsidiary of General Electric Company (NYSE: GE), is a diversified financial services company headquartered in Stamford, Conn., with assets of $109 billion. GE Capital's activities include consumer services, specialized financing, equipment management, specialty insurance and midmarket financing. GE is a diversified manufacturing, technology and services company with operations worldwide.
 -0- 12/3/93
 /CONTACT: Anthony B. Zehnder of GE Capital, 203-357-4728, or home, 203-657-3824/

CO: GE Capital; Bank Austria; MercurBank ST: Connecticut IN: FIN AUT SU: TNM

JG -- NY005 -- 0080 12/03/93 07:42 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 3, 1993

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters