September 10, 2008
GE Healthcare Financial Services Closes $10 Million Sale & Leaseback Financing With Catholic Medical Center in Korea
GE Healthcare Financial Services has provided a $10 million Sale and Leaseback financing to Catholic Medical Center (CMC), the largest hospital chain in Korea. The Seoul, Korea-based company will use the financing to lease back various equipment, including electronics, medical equipment and furniture for their new hospital and cancer center.
"It was a pleasure to work with GE Healthcare Financial Services. We are not only impressed by their ability to meet our financing needs at the right time, but are pleased that we see each other as long term business partners. GE's advanced Green Technology and Leadership Training Course are items that we look forward to discussing with GE going forward," said CH Park, Catholic Medical Center's Finance Leader. "It is clear that GE understands the Korean healthcare market; I think we can continuously find business opportunities to grow together. Having a strategic partner like GE Healthcare Financial Services gives Catholic Medical Center the financial wherewithal and flexibility we need to execute our growth plans."
"We are extremely pleased to add Catholic Medical Center as our new customer," said Jin Choi, Vertical leader for GE Healthcare Financial Services Asia. "GE Healthcare Financial Services was able to combine its financial expertise with its healthcare industry knowledge to provide a financing solution that works well for Catholic Medical Center's. We are trying to develop an enterprise relationship with CMC by providing all the solutions GE has to offer, including creative financing. GE Corporate Korea, GE Healthcare Korea, and the GE industrial companies dedicated a lot of time into making this deal possible; in fact, CMC is already interested in working with us to incorporate GE management process and 'green technology' into its hospitals."
About Catholic Medical Center
Catholic Medical Center, the largest medical group in Korea started as St. Mary's Hospital in 1936. St. Mary's Hospital, Korea's first Catholic hospital, was established as part of a project celebrating the 100th anniversary of the founding of Joseon Parish, and serves as the mother institution to eight healthcare facilities under the Catholic Medical Center (CMC).
CMC's eight hospitals are located in Seoul, Kyunggi and other provinces. CMC has a total bed count of 4,878 and they are building a new cancer center in Seoul, which will increase the bed number to 5,678 by 2009. Their total number of outpatients was 4.5 million with 90% bed occupancy ratio in 2007. Catholic Foundation's total revenue reached $1 billion in 2007, with over $1.2 billion TNW. Recently, Catholic Medical Center announced the Vision 2020: 'International Medical Center with Respect for Life' in order to become an internationally recognized medical institute. For additional information about CMC, visit http://www.cmc.or.kr/eng/main/index.jsp
About GE Healthcare Financial Services
GE Healthcare Financial Services is the premier provider of capital, financial solutions, and related services for the global healthcare market. With approximately $22 billion in assets, GE Healthcare Financial Services offers a full range of financing capabilities from equipment leasing and real estate financing to working capital lending, vendor programs, and acquisition financing. With a dedicated focus and a deep knowledge of the healthcare industry, GE Healthcare Financial Services collaborates with customers to create tailored financial solutions that help them improve their productivity and profitability. GE Healthcare Financial services in Asia is a division of GE Commercial Finance.
For more information, visit www.gehealthcarefinance.com.