Steve Bertamini, president of GE Capital Asia, said the purchase would provide an established platform for the growth of GE Capital in Singapore.

"We plan to continue to expand its auto finance business and to introduce customers to a broader range of consumer and commercial finance products. We will also consider acquisitions which will fast-track our growth in this promising and stable market," Mr. Bertamini added.

David Lai, president of UBS Capital Asia, said: "We acquired SDL in partnership with its management, and are pleased to pass the baton to a new owner of unparalleled stature. As a control-oriented financial investor, our philosophy is to seek the type of ?win-win' deal that benefits buyer, seller and management. In this case, we are delighted to see this come to fruition.'

Tan Eng Lam, chief executive officer of SDL, said: "We have a great working relationship with UBS Capital. Our respective input in the partnership enabled SDL to attain new heights."

With GE, he said, "SDL can look forward to reaching new frontiers."

Today's completion of the acquisition of SDL, GE Capital said, coincides with completion of the company's acquisition of AGC Ltd. from Westpac Banking Corp. AGC, which has assets of $5.7 billion, is one of the leading providers of consumer and commercial financing, including auto finance, in Australia and New Zealand.

GE Capital said the acquisition of AGC brings its total company assets in Australia and New Zealand to $10.2 billion.

In Asia, GE Capital also has consumer and commercial finance businesses in Japan, Korea, Thailand, Indonesia, Hong Kong and Taiwan. Mr. Bertamini said that the acquisition of SDL was further confirmation of GE Capital's strategy to expand its operations in the region through both organic growth and acquisitions.

GE Capital is a wholly owned subsidiary of General Electric Company.