GE Commercial Finance and ING to restructure NMB-Heller Joint Venture

GE Commercial Finance has announced that its Corporate Financial Services Europe unit has signed an agreement with ING to restructure NMB-Heller, a working-capital finance joint venture between the two companies. Under the agreement, GE Commercial Finance will buy ING's 50% stake in Heller GmbH, NMB-Heller's German unit. Its Corporate Financial Services unit will use the acquisition of Heller GmbH to broaden the range of financing solutions it offers customers in Germany and to execute its overall strategy of further investing in commercial and corporate lending in that country. ING will buy GE Commercial Finance's 50% stake in NMB-Heller's Dutch factoring business, including activities in Belgium, which will be transferred into a new company. Financial details of the transaction were not disclosed. GE Commercial Finance and ING each will continue to have a 50% participation in NMB-Heller international platforms outside the Netherlands, Germany and Belgium, as well as a portion of the Dutch credit portfolio and participations. The transaction is subject to regulatory approvals and is expected to be completed in the first quarter of 2005.

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