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GE Capital Services to Acquire Bank Prokredit from Swiss Bank Corporation

STAMFORD, Conn., and ZURICH, Switzerland, Dec. 23 /PRNewswire/ -- GE Capital Services has agreed to acquire Bank Prokredit from Swiss Bank Corporation. Sale of the Swiss consumer credit institution is subject to regulatory approval.

Terms of the deal were not disclosed. The sale by SBC is part of its strategy to focus on core businesses.

"Bank Prokredit is a significant expansion of our presence in Switzerland," said Denis J. Nayden, president, GE Capital. "It means we will be able to offer more financial products and services to both individuals and businesses in Switzerland."

Bank Prokredit was founded in 1912 and was acquired by SBC in 1979. It is a market leader in the Swiss consumer credit business and has 24 branches across Switzerland.

GE Capital Services, with assets of over US$227 billion, is a global, diversified financial services company with 27 specialized businesses. A wholly owned subsidiary of General Electric Company (NYSE: GE), GE Capital Services, based in Stamford, CT, provides equipment management, mid-market and specialized financing, specialty insurance and a variety of consumer services, such as car leasing, home mortgages and credit cards, to businesses and individuals around the world. GE is a diversified manufacturing, technology and services company with operations worldwide.

SOURCE GE Capital Services
 -0- 12/23/97

/CONTACT: John Oliver of GE Capital Services, 203-357-4346 - office, 203-962-6984 - mobile, or 203-270-0383 - home; or Evelyn Muller of SBC, 011-41-61-288-9099/


CO: GE Capital Services; Swiss bank Corporation; Bank Prokredit ST: Connecticut IN: FIN SU: TNM

SK-CH -- NYTU058 -- 0324 12/23/97 10:46 EST
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Publication:PR Newswire
Date:Dec 23, 1997
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