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GE Capital Fleet Acquires Fleet Leasing Portfolio From Bank Of America

25 February 2000

GE Capital Fleet Services Acquires Fleet Leasing Portfolio From Bank Of America Leasing and Capital Group

    EDEN PRAIRIE, Minn., Feb. 24 -- GE Capital Fleet Services
announced today it has acquired the corporate and utility fleet leasing
portfolio of Bank of America Leasing and Capital Group, consisting of
approximately 26,000 commercial trucks and cars nationwide.  Details of the
transaction were not disclosed.
    The corporate and utility portfolio unit has approximately $400 million in
assets and will become part of GE Capital Fleet Services' existing North
American business.  GE Capital Fleet Services earlier purchased the small
fleet services portfolio from Bank of America Leasing and Capital Group in
August 1999, consisting of approximately 13,000 cars and trucks.
    "This acquisition enables us to expand our market presence, especially
with customers in the utility market," said Rick Smith, president and chief
executive officer of GE Capital Fleet Services.  "We welcome our new customers
from this portfolio and look forward to providing them with products and
services tailored to their unique fleet operation needs."
    "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.
    GE Capital Fleet Services, with headquarters in Eden Prairie, Minn., 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 $345 billion,
is a global, diversified financial services company with specialized
businesses and is 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.