GE Capital Buys Remainder of Hong Kong Finance Firm
STAMFORD, Conn. (AP) _ GE Capital Corp. said Friday it would spend $140 million to buy the remaining 50 percent of United Merchants Finance, a major Hong Kong financing company, that it does not already own.
The buyout from the Jardine Group, a Hong Kong-based conglomerate, must be approved by the government of the British colony. GE Capital acquired the other half of UMF three years ago.
Michael E. Pralle, president of GE Capital Asia-Pacific, said the move is part of plans by the fast-growing General Electric Corp. subsidiary to expand in Hong Kong and southern China.
``We have been very pleased with the results of UMF ... and intend to use it as our principle platform for GE Capital’s activity in the region,″ he said.
United Merchants Finance provides services including auto finance, equipment leasing, mortgages and personal loans.
GE Capital’s businesses range from aircraft financing to consumer credit.