GE Money appoints Iqbal Singh to lead India operations

Mumbai, INDIA - 30 January 2008: GE Money, the global consumer financial services unit of General Electric Company, announced the appointment of Iqbal Singh as President and CEO, GE Money India, effective 1 February 2008. Mr. Singh will report directly to Yoshiaki Fujimori, President and CEO of GE Money Asia.

Prior to this new role, Mr. Singh was the Chief Marketing Officer for GE Money Asia and CEO of the Singapore business. He brings over two decades of experience in Marketing and P&L leadership, of which over 13 years were spent with GE Money. After 10 years in Unilever in India, Mr. Singh began his GE career in India in 1994 overseeing Retail Marketing and Business Development. Mr. Singh is responsible for forming the strategic partnership between GE Money and SBI in 1997, which today is one of India's leading credit card companies. He moved to Korea in 2003, where he launched the Personal Loans business and reinvigorated the sales and marketing function for GE Money's Korean operations. He was appointed as Quality Leader for Asia in 2004.

Yoshiaki Fujimori, President and CEO of GE Money Asia, said, "GE Money remains steadfast in our commitment to India. We see tremendous opportunities for long-term growth and aim to build a diverse, customer-focused business that best positions us to take advantage of these opportunities."

In response to his plans in the new role, Iqbal Singh commented, "It's an exciting time to be in India. Increased competition and dynamism in the financial services market offers tremendous opportunities for companies that are truly focused around the customer and the customer's needs. We have a strong track record in Asia of serving both consumers and business partners well, either directly or through JVs. I intend to establish GE Money as the partner of choice to both Indian consumers and business partners."

Mr. Singh's appointment comes at a time when GE Money is aiming to build more scale and reach through strategic partnerships. It has already built two successful joint ventures with SBI Card and Wizard Home Loans. His first priority will be to ensure that a strategic partner is identified for the wholly owned personal loans and mortgage portfolio, enabling this particular portfolio to achieve greater scale and reach.

Mr. Singh replaces Vishal Pandit, who has played an active role in driving growth at GE Money over the past several years and has now decided to pursue new opportunities outside GE.

Added Mr. Yoshiaki Fujimori, "I'd like to thank Vishal for his significant contributions to GE over the years. With the foundations we have in place, I am confident that Iqbal will effectively lead our business during this next phase of growth."

ABOUT GE MONEY INDIA

GE Money is one of the leading providers of financial services to consumers in India, offering a range of innovative financial products to suit its customers' needs. It is a leader in a wide range of products including personal loans, home loans and loan against property.

With strong joint venture partners in State Bank of India and Wizard, GE Money remains steadfast in its commitment to India and aims to continue building a diverse, customer-focused business through successful partnerships and JVs.

ABOUT GE MONEY

With more than $190 billion in assets, GE Money, the consumer financial services unit of GE, is a leading provider of credit services to consumers, retailers, and auto dealers in 55 countries around the world. GE Money, based in Stamford, Connecticut (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans, and credit insurance. More information can be found at https://bsmedia.business-standard.comglobal.gemoney.com.

ABOUT GE

GE (NYSE:GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, 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 www.ge.com.