Exhibit 99.3

    GENERAL ELECTRIC CAPITAL SERVICES, INC. AND CONSOLIDATED AFFILIATES

Press Release


GE Announces Reorganization of Financial Services;
GE Capital to Become Four Separate Businesses

     FAIRFIELD, Conn.--(BUSINESS WIRE)--July 26, 2002--GE Chairman and CEO Jeff
Immelt today announced organization changes that will result in GE Capital, the
Company's diversified financial services business, becoming four separate GE
financial services businesses.

    Effective August 1, 2002, GE Capital will become GE Commercial Finance, GE
Insurance, GE Consumer Finance and GE Equipment Management. Each of the
businesses will report directly to Immelt and GE Vice Chairman Dennis Dammerman,
who has oversight for GE Capital.

    "The reason for doing this is simple - I want more direct contact with the
financial services teams," Immelt said. "GE's financial businesses generate 40
percent of the Company's earnings. They have been an important part of GE's
growth for decades, offering tremendous diversity of financial services, great
leadership and the best people in the industry. To build on this success, it now
makes sense to operate these businesses even more effectively.

    "These four new financial services businesses have great breadth and the
resources to deliver globally," Immelt said. "They have similar customers,
processes and opportunities for greater sharing. With this simplified structure,
the leaders of these four businesses will interact directly with me, enabling
faster decision making and execution.

    "The organization and leadership will be aligned with their natural
markets," Immelt said. "This will create a clearer line of sight on how our
financial services businesses operate and enhance growth. Our external reporting
will mirror this organizational structure, providing greater clarity for
investors."

    Named to lead the four financial businesses are: Michael A. Neal, President
and CEO, GE Commercial Finance; David R. Nissen, President and CEO, GE Consumer
Finance; Arthur H. Harper, President and CEO, GE Equipment Management; and
Michael D. Fraizer, President and CEO, GE Insurance.

    To ensure the same rigorous level of financial stewardship, several critical
and shared GE Capital Corporate functions including Risk Management, Capital
Markets, Controllership, Tax and Treasury, will remain intact. GE Capital
Services, Inc. and GE Capital Corporation will remain as legal entities and
continue as the major borrowers of funds necessary to support all of GE's
financial services activities. Their boards will continue as platforms for
reviews of operations, transactions and capital allocation among the four
financial services businesses. Dammerman will be chairman and James A. Parke
will be vice chairman of both boards. Parke also has been promoted to a GE
Senior Vice President and, in addition to his current responsibilities as GE
Capital Chief Financial Officer, will oversee GE Equity and GE Information
Technology Solutions.

    GE Capital Chairman and CEO Denis J. Nayden's plans include creating a
financial services advisory company. In this regard, he will continue to serve
as a senior advisor to Immelt and the GE Capital Board on business development
and other matters.

    "Denis Nayden is a great leader and a big reason for GE Capital's
outstanding performance," Immelt said. "He and the Capital Corporate team are to
be commended for creating smart, entrepreneurial, and disciplined teams that
have made GE the leader in key financial industries.

    "I want to thank Denis for building such a strong record of performance and
financial integrity at GE Capital over the past 25 years, and I am extremely
pleased that he has agreed to continue in a key role," Immelt said. "Denis'
extensive expertise, financial acumen and industry knowledge will be invaluable
to me as we continue to grow."

    Nayden said: "Leading GE Capital has been a tremendous professional and
personal experience, especially having had the opportunity to work with a
fabulous team of energized, talented people. By creating four financial services
businesses, each with a strong leader, we are fulfilling Jeff's vision of
customer centricity by creating a leaner, faster, more efficient operation. I
look forward to continuing a strong relationship with the Company."
<PAGE>

    Current GE Capital businesses will be organized into the new structure as
follows:

o    GE Commercial Finance:  Aviation Services,  Commercial Equipment Financing,
     Commercial Finance,  Healthcare Financial Services, Real Estate, Structured
     Finance Group, Vendor Financial Services

o    GE Equipment  Management:  Fleet  Services,  Rail Services,  TIP/Mod Space,
     European Equipment Management, Penske Truck Leasing

o    GE Consumer Finance: Card Services, Global Consumer Finance

o    GE  Insurance:  Employer's  Reinsurance,   Financial  Assurance,  Financial
     Guaranty Insurance, Mortgage Insurance

    GE will continue its practice of expanded financial disclosure covering
these businesses.

    "We have a talented financial leadership team in place representing decades
of experience with GE Capital, and a deep bench supporting them." Immelt said.
"Mike Neal brings a great history of deal making and strong leadership. Mike
Fraizer's industry knowledge and talents have helped create a thriving global
consumer insurance business. Included in the Insurance segment will be Employers
Reinsurance Corporation, which will continue to be led by Ron Pressman. Art
Harper brings a legacy of excellent operational depth, experience and
management. Dave Nissen's strategic perspective and leadership have helped him
build a global consumer finance business literally from the ground up.

    "I have envisioned having more direct contact with our financial services
team since I became chairman and CEO last September," Immelt said. "GE Capital
is positioned for another year of double-digit growth. Our businesses and
portfolio, as well as our processes and procedures, are in great shape. The
performance of our Company remains on track for 2002."

    GE (NYSE: GE) is a diversified technology and services company dedicated to
creating products that make life better. From aircraft engines and power
generation to financial services, medical imaging, television programming and
plastics, GE operates in more than 100 countries and employs more than 300,000
people worldwide. For more information, visit the company's Web site at
http://www.ge.com/

    Caution Concerning Forward-Looking Statements

    This document includes certain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are based on management's current expectations and are subject to
uncertainty and changes in circumstances. Actual results may differ materially
from these expectations due to changes in global political, economic, business,
competitive, market and regulatory factors. More detailed information about
those factors is contained in GE's filings with the Securities and Exchange
Commission.

    --30--rc/ny*

    CONTACT: General Electric, Fairfield
             David Frail, 203/373-3387
             david.frail@corporate.ge.com