GE, one of the largest companies in the world with a market capitalisation of circa $330bn, has made a 360 degree turn in its relations with the press and governments in the EU.

“The rejection by the EU of our Honeywell deal three years ago showed us that awareness of GE and our contribution to the European economy was not where it needed to be,” said Charles Alexander, president of GE Capital Europe. “Since then we have engaged more with governments, regulators and opinion formers.”

Despite winning the number-one slot in the World’s Most Respected Company List published by the Financial Times for the past six years, the company felt there was a need to do something about its image as a hostile American interloper.

However, it insisted there was no connection between the Honeywell debacle and the brand, even as it reassesses brand strategy in Europe, including in financial services.

“Brand awareness and brand simplification are part of our global marketing strategy – maybe until recently we underestimated the brand’s incredible potential,” said Mr Alexander.

The company’s financial services businesses posted global net income of $7.4bn in 2003. Its $100bn of European financial services assets, one fifth of the total, which are in countries ranging from the UK to the Czech Republic, have shown a 30% CAGR over the last 10 years, the company said. However, it did not disclose net income on a geographical basis, despite its increased level of disclosure resulting from Wall Street’s questioning of the solidity of its earnings post-Enron and other frauds.

There are four businesses: consumer finance, commercial finance, insurance and equipment services. In 2003-4, GE acquired $17bn of European financial services assets, ranging from First National, a UK-based consumer finance unit belonging to Abbey, to Sophia, a real estate platform in France and a project finance portfolio partnership from German bank HVB.

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