GE Commercial Finance In Bid to Buy Japan's Sanyo Electric Credit

    Sanyo Credit Would Add Office/IT Small-Ticket Leasing, Rental Services
and Specialty Loans to GE Portfolio

    TOKYO, March 23 /CNW/ - GE Commercial Finance has decided to launch a
tender offer for 100% of the shares of Japan's Sanyo Electric Credit Co.,
Ltd., a small ticket leasing and specialty loan business that focuses on
office and IT equipment and industry-specific loans throughout Japan. Sanyo
Electric Credit complements GE Commercial Finance's existing strength in
medium and large ticket leasing and loans, via its GE Capital Leasing

    The offer is supported by Sanyo Electric Credit's Board of Directors and
is conditioned on the tender of least two thirds of Sanyo Electric Credit's
shares. GE's all-cash offer for Sanyo Electric Credit is approximately US$1.1
billion. The deal is expected to close in the second quarter of this year.

    "Sanyo Electric Credit will be a valuable addition to what we can provide
business customers at all levels," said John Flannery, president and CEO, GE
Commercial Finance Asia. "It significantly enhances the breadth and depth of
our financial services to all kinds of Japanese businesses.

    "Strengthening our position in Japan, one of the world's most important
commercial markets, is a strategic priority for GE," Flannery noted. "We've
actively expanded our investments and alliances in Japanese commercial finance
since we started with GE Capital Leasing in 1999. GE has a 100 year history of
doing business in Japan, and this represents a very important development."

    About GE Commercial Finance

    GE Commercial Finance is the business-to-business finance unit of General
Electric. With deep industry expertise and lending, leasing and financing
services of every kind, GE Commercial Finance plays a key role in helping its
customers grow. Conducting business in 35 countries, GE Commercial Finance has
assets of over US$230 billion and is headquartered in Norwalk, Connecticut,
USA. For more information, visit the web site at

    About GE

    GE (NYSE:   GE) is Imagination at Work -- a diversified technology, media
and financial services company focused on solving some of the world's toughest
problems. With products and services ranging from aircraft engines, power
generation, water processing and security technology to medical imaging,
business and consumer financing, media content and advanced materials, GE
serves customers in more than 100 countries and employs more than 300,000
people worldwide. It has operated in Japan for more than 100 years and employs
around 8,000 people. For more information, visit the company's web site at

    This news release contains forward-looking statements based on
management's current expectations and is subject to uncertainty and changes in
circumstances. Actual results may differ due to a variety of factors including
the ability to consummate the transaction, the ability of GE Commercial
Finance to successfully integrate Sanyo Electric Credit's operations and
employees and the ability to realize anticipated synergies and cost savings.

For further information:

For further information: GE Commercial Finance Media Relations John
Oliver, 001 203 984 7757 or General Electric Japan, Ltd. Chikako Miyamori,
Communications, 81-3-3588-9597

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