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GE Capital Acquires Nissan's Auto Financing Business in Australia

28 September 1998

GE Capital Acquires Nissan's Automotive Financing Business in Australia

    STAMFORD, Conn., and MELBOURNE, Australia, Sept. 28 -- GE
Capital has agreed to purchase Nissan Finance Corporation Ltd, a subsidiary of
Nissan Motor Co.
    The sale of the company, to be completed on September 30, 1998, was
announced today by David Moffatt, chief executive officer of GE Capital
Australia and New Zealand, and Leon Daphne, Managing Director of Nissan Motor
Co (Australia) Pty Ltd.
    Nissan Finance provides finance for Nissan and other vehicles sold by
automotive dealers throughout Australia.  As of August 31, 1998 the company
had total assets of approximately A$1.1 billion (US$649 million).
    Mr. Moffatt said: "This is a significant acquisition for GE Capital
Australia.  Nissan Finance Corporation is a well managed and successful
business which we believe has considerable growth potential.
    "We plan to draw on our automobile financing expertise in other markets to
provide Australian dealers with world class service standards and products,
including efficient approval processes and a unique customer retention
program.  GE Capital's AAA credit rating will enable us to provide competitive
rates which will help dealers to close sales."
    Internationally, GE Capital already has a large involvement with vehicle
financing, having A$42 billion (US$25 billion) in assets and servicing 15,000
dealerships and major manufacturers.
    Daniel Mudd, president GE Capital Asia-Pacific, said: "GE's strong
relationship with Nissan across the region and globally was critical to this
transaction."
    GE Capital Auto Financial Services is a leading provider of innovative
automotive financial service products, including products designed to enhance
the dealer's ability to compete in the dynamic automotive industry.  GE
Capital Auto Financial Services with 4,200 employees, has operations in
Austria, Canada, Denmark, France, Hong Kong, Hungary, India, Indonesia,
Ireland, Italy, Japan, Korea, Mexico, Poland, Portugal, Singapore, Spain,
Sweden, Taiwan, Thailand, The United Kingdom and United States.
    GE Capital Auto Financial Services is part of GE Capital, one of the
world's largest diversified financial services companies and a wholly owned
subsidiary of General Electric Company of the US.  In Australia, GE Capital
operates in specialist areas of financial services that include consumer
finance, equipment management, mid-market financing, specialized financing and
specialty insurance.
    In Australia, GE Capital has an existing involvement in the automotive
financial services area through its GE Capital Fleet Services business, one of
Australia's largest motor vehicle fleet financing and management companies
with over 52,000 vehicles under management.  Internationally, GE Capital has
more than 750,000 vehicles under lease and service management.
    GE Capital, with assets of more than US$250 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, 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.