Regulatory Approval

ABB Ltd
05 November 2002


EU gives clearance for sale of Structured Finance business to GE Commercial
Finance



Group on target to meet net debt reduction goal by year-end

Zurich, Switzerland, November 5, 2002 - ABB, the leading power and automation
technology group, today welcomed the announcement by the European Commission
that it has approved the sale of ABB's Structured Finance business to GE
Commercial Finance.

ABB said the cash proceeds of about US$ 2.3 billion would be used to cut its
debt and strengthen its balance sheet. The transaction is scheduled to be closed
on November 29, 2002.

'We welcome the European Commission's decision. We are on track to meet our net
debt reduction target by the end of 2002,' said Peter Voser, ABB's chief
financial officer.

ABB said it would reduce net debt, which was US$ 4.1 billion at the start of
2002, by at least US$ 1.5 billion this year. 'With this sale, other asset 
divestments already announced and cash from operations, we are confident that we 
will reach our target.' said Voser.

The sale has also been approved in the United States. Formal approval from the
Swedish Financial Supervisory Authority is expected well in advance of closing.

ABB said the sale of Structured Finance is part of the company's strategy to
focus on core areas of power and automation technology.

Under the deal, ABB sold most of its Structured Finance business. The aircraft
leasing business, the ABB Export Bank, and the 35 percent equity stake in the
Swedish Export Credit Corporation, which were not part of the agreement, are
expected to be divested. Approximately US$ 250 million of these assets have been
sold since July 1, 2002.

ABB (www.abb.com) is a leader in power and automation technologies that enable
utility and industry customers to improve performance while lowering
environmental impacts. The ABB Group of companies operates in more than 100
countries and employs about 146,000 people.


                      This information is provided by RNS
            The company news service from the London Stock Exchange