GE Commercial Finance Completes $4.6 Billion Acquisition of CitiCapital's Transportation Financial Services Group

STAMFORD, CT – GE Commercial Finance, the business-to-business financial services unit of General Electric, has completed its previously announced $4.6 billion acquisition of CitiCapital’s Transportation Financial Services Group (CTFSG). The business will continue to be located in the greater-Dallas, Texas area and Toronto, Canada.

CTFSG, which was a part of Citigroup, provides secured loans, and operating and finance leases for approximately 196,000 heavy and medium duty commercial trucks and trailers through a variety of customer channels, including truck and trailer dealers, commercial fleets and truck owners/operators. CTFSG has approximately 600 employees and serves more than 49,000 customers throughout North America.

“The acquisition allows us to build out an area that is already a core competency of our business while adding substantial new customer relationships in this sector,” said Mike Neal, president and CEO of GE Commercial Finance.

“This is a ‘strike zone’ transaction for GE Commercial Finance. We’ve acquired a business that we understand so it’s going to be a nice fit for our customers,” said Neal, who noted that GE Commercial Finance already provides financing for approximately 235,000 commercial trucks, tractors and trailers.

GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over US$230 billion and is headquartered in Stamford, Connecticut, USA. General Electric is a diversified technology, media and financial services company dedicated to creating products that make life better. For more information, visit www.ge.com.

Caution Concerning Forward Looking Statements: This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. More information about those factors is contained in GE’s filings with the Securities and Exchange Commission.