Deutsche Bank AG and GE Commercial Finance, through its Vendor Financial Services (VFS) unit, have completed the sale of Deutsche Financial Services’ commercial inventory financing businesses on October 31, 2002. Under the terms of the agreement, Deutsche Bank has received cash proceeds equal to approximately US-$ 2.9 billion. This includes the purchase price as well as the repayment of debt. Deutsche Bank AG and GE Commercial Finance had entered into a definitive agreement for Deutsche Bank to sell Deutsche Financial Services’ commercial inventory financing businesses on September 15, 2002.
The Deutsche Financial Services businesses involved in this transaction provide commercial inventory financing for over 1,000 manufacturers and nearly 14,000 dealers of industrial equipment, technology products and a wide variety of marine products and recreational vehicles. The businesses with about 1,200 employees serve markets in the United States, Canada and Europe. Excluding securitized receivables of US-$ 2.7 billion, the acquisition provides GE Commercial Finance with US-$ 2.7 billion of net funded receivables.