GE Capital Completes Acquisition of Most of CitiCapital

GE Capital today announced the completion of its acquisition of most of CitiCapital, Citigroup’s North American commercial leasing and commercial equipment finance business, adding $13.2 billion in assets.

GE Capital’s acquisition includes CitiCapital’s Healthcare Finance, Private Label Equipment Finance Group, Material Handling, Franchise Finance, Construction Equipment Finance, Bankers Leasing Group businesses, and CitiCapital Canada. It has also entered into an agreement with Citigroup to cross-refer certain business. CitiCapital’s Tax Exempt Finance business is not part of the transaction.

“This opportunistic acquisition leverages GE’s financial strength and is part of our broader strategic plan to reallocate capital and add high margin assets in financial services sectors we know very well. It adds new customer relationships and helps us deliver more profitable growth for our shareholders,” said Mike Neal, GE vice chairman and chairman, GE Capital.

The deal, which was first announced on April 17, 2008 and closed last night, brings more capabilities into GE Capital. CitiCapital has approximately 160,000 customers throughout North America. GE acquired and successfully integrated CitiCapital’s Transportation Financial Services Group in 2005.

About GE Capital
GE Capital, headquartered in Norwalk, CT, is a global provider of financial products and services to businesses, retailers, auto dealers and consumers. It finished 2007 with net income of $10.3 billion and total assets in excess of $646 billion.

GE (NYSE: GE) is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company’s Web site at http://www.ge.com. GE is Imagination at Work.

About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.