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GE moves into Taiwan

GE moves into Taiwan

(24 January 2006 – Taiwan) GE Consumer Finance is set to take a 10 percent stake in Taiwan’s Cosmos Bank for US$86 million with the aim of increasing its ownership stake to almost 25 percent later this year. GE said it made the purchase as it viewed Taiwan as one of the most important markets in Asia.

The move is a pioneering one for GE as foreign investors have shied away from acquiring stakes in Taiwanese banks as they view them as being too expensive.

Also, Taiwan’s government has not enabled foreign banks to use Taiwan as a springboard into the Chinese market.

GE said the issue of bad loans was always a business risk but that the company had successfully dealt with similar issues in Japan and South Korea.

Cosmos Bank said GE Consumer Finance brought global expertise and highly regarded GE competencies in general management, IT, and consumer lending, which would strengthen its presence in the Taiwan market.

Cosmos has US$8.7 billion assets, 63 branches and eight corporate centres.
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