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GE Capital Fleet Services Acquires Bank of America's Small Fleet Leasing Business

4 August 1999

GE Capital Fleet Services Acquires Bank of America's Small Fleet Leasing Business

    EDEN PRAIRIE, Minn., Aug. 3 -- GE Capital Fleet Services
announced today it has acquired the small fleet leasing business of
Charlotte-based Bank of America consisting of approximately 13,000 commercial
cars and trucks nationwide.  Details of the transaction were not disclosed.
    The small fleet business unit has approximately $177 million in assets and
will become part of the Small Fleet Services business unit of GE Capital Fleet
Services which specializes in leasing, dealer services, and vehicle cost
management programs for small and mid-size businesses throughout North
America.
    "This acquisition enables us to expand our service offerings to our small
business customers, with an experienced and dedicated team of professionals
who understand the needs of growing companies," said Jeff Kiesel, president of
the Small Fleet Services business.  "We look forward to working with our new
customers and are excited about leveraging our productivity-based products and
service technology."  Kiesel noted the acquisition provides Small Fleet
Services key geographical expansion into areas including Maryland/Washington,
DC; Georgia, North Carolina, Virginias, Missouri, Kansas, Arkansas, Houston,
Massachusetts, Tennessee, Kentucky and Irvine, Calif.
    "We're pleased to complete this successful transaction with GE Capital
Fleet Services," said Richard Harris, head of Bank of America Leasing and
Capital Group.  "We think this placement will better serve our long-term
strategy as well as theirs."
    Bank of America Leasing and Capital Group, a subsidiary of Bank of America
Corporation, is one of the largest bank-affiliated leasing businesses in the
United States, providing a broad array of structured equipment finance and
leasing services to customers worldwide.
    With headquarters in Eden Prairie, Minn., GE Capital Fleet Services is one
of the largest fleet management companies in the world with more than
1 million commercial cars and trucks under lease and service management. It
has operations in the United States, Canada, Mexico, Europe, Japan, Australia,
New Zealand and Brazil. GE Capital, with assets of more than US$300 billion,
is a global, diversified financial services company with 28 specialized
businesses. A wholly-owned subsidiary of General Electric Company ,
GE Capital, based in Stamford, Conn., 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 manufacturing, technology
and services company with operations worldwide.