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GE CAPITAL TO ENTER JOINT VENTURE IN THAILAND

 STAMFORD, Conn., Sept. 27 /PRNewswire/ -- GE Capital announced today the signing of a joint venture agreement with General Finance & Securities Co., Ltd. (GFS) and the Government Savings Bank of Thailand (GSB) to provide consumer and commercial financing in Thailand. The joint venture will operate under the name of GS Capital Corporation (GSC) and was formed through the spin-off of GFS' existing automotive financing business. GSC will service GFS' existing $165 million automotive financing portfolio while looking for opportunities to expand into other consumer and commercial financing businesses.
 "We see this as an excellent opportunity to enter a high growth market with two local partners having clear strategic advantages; GFS has a well-positioned existing business and GSB is one of the top banks in Thailand with over five hundred branches," said Stuart L. Dean, president, GE Capital-Southeast Asia. "Combine these traits with GE Capital's financial product expertise and you have a very strong competitor with high growth potential," he added.
 GFS, established in 1966, is a part of GF Group, a leading diversified financial services group, with assets of more than $1.2 billion. GF Group's activities include financial services, investment banking, securities brokerage, insurance, factoring, fund management and property development.
 GSB, fully owned by the government of Thailand, has close to $6 billion in assets, sourced primarily from deposits received at its 532 branches. "This joint venture fits GSB's objective to diversify into consumer and commercial financial services and support the government's regional growth objectives," said Khun Vibul Aunsunta, director general of GSB.
 GE Capital, a wholly owned subsidiary of General Electric Company (NYSE: GE), is a diversified financial services company headquartered in Stamford. GE Capital's activities include equipment management, mid market financing, specialized financing, specialty insurance and consumer services. GE is a diversified manufacturing, technology and services company with operations worldwide.
 -0- 9/27/93
 /CONTACT: Anthony B. Zehnder of GE Capital, 203-357-4728, or (home) 203-657-3824/
 (GE)


CO: GE Capital; General Finance & Securities Co., Ltd.; Government
 Savings Bank of Thailand ST: Connecticut IN: FIN SU: JVN


TS -- NY055 -- 5929 09/27/93 12:36 EDT
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Publication:PR Newswire
Date:Sep 27, 1993
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