The Wall Street Journal-20080205-Bank of East Asia Ltd-- Firm to Sell Its Stake In Venture to GE Unit

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Bank of East Asia Ltd.: Firm to Sell Its Stake In Venture to GE Unit

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Bank of East Asia Ltd. confirmed it signed an agreement to sell its 50% stake in a financial-services joint venture to its partner, GE Commercial Finance, for an undisclosed price. After the sale, GE Commercial Finance -- a unit of General Electric Co. -- will be the only shareholder in East Asia GE Commercial Finance, or EAGE, which provides export factoring, equipment and asset-based financing to small- and medium-size enterprises. In 2001, GE Commercial Finance acquired a 50% equity interest in EAGE.