CAPITAL TIMES - MARCH 1999

"For the first time

we have integrated

our previously

existing GE Capital

operations into an

acquired company.

- Denis Nayden

Auto Financial Services (AFS) – Europe has formally been named a GE Capital “bubble” business. Denis Nayden, president and chief executive officer of GE Capital Corporation, announced their new status at the 1999 leadership meeting.

In 1998, AFS-Europe, led by Craig McKinney and Dan O’Connor, generated $56 million in net income, a 16 percent increase over 1997.

In his remarks, Nayden noted that the business has “proactively acted in a boundaryless way to drive Centers of Excellence with other GE Capital businesses across Europe.” He added, “For the first time we have integrated our previously existing GE Capital operations into an acquired company.”

AFS-Europe, operating in 13 European countries, is the leading, independent auto finance company in Europe. Providing a variety of flexible financial products to consumers buying or leasing a car, AFS Europe works in partnership with many of the major vehicle manufacturers, importers and dealers to provide them with an “own brand” finance product for new and used cars.

CCC Launches its First PLCC Program in Thailand
Central Card Company (CCC) successfully launched its first private label credit card (PLCC) program in Thailand. CCC, formed in February 1998, is a joint venture between GE Capital and Central Department Stores (CDS), Thailand’s largest retailer group. CDS is also one of the largest retailers in South East Asia. CCC converted 146,000 charge card customers to credit cards that offer a wide variety of benefits and special features. More than 800 employees from Central Card Company, Global Consumer Finance and other GE Capital businesses located in Thailand gathered together to help celebrate the successful launch. Here, from the left to right: Mark Norbom, GE Capital Thailand country president; Soparvan Chantha, marketing director-PLCC; Chami Puranananda, managing director-consumer finance; and Dan Harsono, managing director-retail financial services.