In The Marketplace

AEGON N.V. of The Netherlands announced that its subsidiary, Transamerica Finance Corporation (TFC), has successfully closed on the sale of most of TFC's commercial lending business to GE Commercial Finance, the business-to-business financial services unit of the General Electric Company. The total payment of $5.4 billion results in an after-tax gain of approximately $200 million under Dutch accounting principles, which will be added to shareholders' equity directly. Proceeds will be used to redeem debt. The closing of this transaction follows the sale of TFC's real estate tax services and flood hazard certification businesses to The First American Corporation for $400 million on Oct. 1, 2003. Both transactions are consistent with AEGON's strategy to focus on its core business of life insurance, pensions and related savings and investment products. TFC's remaining businesses primarily consist of maritime container and European trailer leasing with total managed assets of approximately $2.1 billion as of Sept. 30, 2003.

Orion First Financial, LLC of Gig Harbor, WA and Alliance Funding Group, Inc. of Anaheim, CA have announced the formation of a new joint venture, Alliance Financial, LLC. The joint venture has established a revolving line of credit with PFF Bank and Trust to warehouse leases originated by Alliance Funding Group, Inc. The new venture bundles the warehoused leases into portfolios and the lease receivables are sold to Union Safe Deposit Bank under a permanent funding facility. Orion First Financial, LLC will provide lease servicing and administrative services to Alliance Financial, LLC and Union Safe Deposit Bank.

Equilease Financial Services, Inc. of South Norwalk, CT has announced the acquisition of a transportation lease portfolio comprised substantially of over-the-road car carriers from a regional bank leasing company. The portfolio consists of 62 schedules aggregating $6.9 million of gross receivables and total original equipment cost of $9.9 million. The average remaining term and seasoning was 32 and 25 months, respectively. The purchase was the fifth portfolio purchase by Equilease since September 2003. The total amount of receivables purchased since September by Equilease was $52.2 million comprised of 589 lease/loan schedules having an aggregate original equipment cost or original balance of $139.5 million.

Fleet Capital Leasing of Providence, RI has announced that Ron Chamides, president and chief executive officer of Fleet Capital Leasing, has been selected to run the combined leasing businesses resulting from the merger of FleetBoston Financial with Bank of America Corporation. With more than $25 billion in assets, 1000 employees, and operations across the United States and Europe, Bank of America Leasing will be one of the largest bank-owned lessors in the country. The merger is still subject to pending regulatory and shareholder approval. Chamides has more than 25 years of experience in the leasing industry in a wide range of market sectors and products. He joined Fleet Capital Leasing in 1992 and successfully grew that business from roughly $1 billion in assets to its current size of $14 billion.

AEGON N.V. of The Netherlands announced that its subsidiary, Transamerica Finance Corporation (TFC), has successfully closed on the sale of most of TFC's commercial lending business to GE Commercial Finance, the business-to-business financial services unit of the General Electric Company. The total payment of $5.4 billion results in an after-tax gain of approximately $200 million under Dutch accounting principles, which will be added to shareholders' equity directly. Proceeds will be used to redeem debt. The closing of this transaction follows the sale of TFC's real estate tax services and flood hazard certification businesses to The First American Corporation for $400 million on Oct. 1, 2003. Both transactions are consistent with AEGON's strategy to focus on its core business of life insurance, pensions and related savings and investment products. TFC's remaining businesses primarily consist of maritime container and European trailer leasing with total managed assets of approximately $2.1 billion as of Sept. 30, 2003.