Previously, GE has acquired a 50% equity interest in East Asia GE Commercial Finance (EAGE). Under the terms of the new definitive agreement, EAGE, with the support of GE, will repurchase the remaining 50% of its outstanding equity interest from Bank of East Asia. Acquiring sole ownership of EAGE is a key step towards executing GE’s long-term strategy for the Greater China market.
Nancy Ku, president and CEO of GE Commercial Finance for Greater China, said: EAGE is a great strategic fit with GE. With the synergies between companies, we will have the potential to build a regional trade finance business for Hong Kong and Greater China.
