GE Capital

Last updated
GE Capital
FormerlyGeneral Electric Credit Corp. (Renamed in 1988)
Company type Subsidiary
Industry Financial services
Founded1932 (1932)
DefunctMarch 31, 2024 (2024-03-31)
FateDissolved
Successor
Headquarters
Norwalk, Connecticut
,
United States
Area served
Worldwide
Key people
Alec Burger (chairman and CEO)
Parent General Electric
Website www.gecapital.com

GE Capital was the financial services division of General Electric. [1] Its various units were sold between 2013 and 2021, including the notable spin-off of the North American consumer finance division as Synchrony Financial. Ultimately, only one division of the company remained, GE Energy Financial Services, which was transferred to GE Vernova when General Electric was broken up.

Contents

Overview

On July 8, 2013, the Financial Stability Oversight Council designated GE Capital as a "systemically important financial institution", which makes it subject to oversight by the Federal Reserve. [2]

In 2014, GE Capital had 35,000+ employees worldwide, operating in more than 40 countries, with total assets of US$499 billion. [3] It was rated AA+ with stable outlook by S&P in 2012. [4]

GE Capital's subsidiaries also operated under the GE Money brand. [5]

Restructuring plan

On April 10, 2015, Jeffrey R. Immelt, the CEO of General Electric, announced that GE would sell most of GE Capital over the next two years. [6]

The following areas were sold:

Current operations

GE Energy Financial Services provides commercial lending and leasing, as well as a range of financial services for commercial aviation, energy, and support for GE's industrial business units.[ citation needed ]

Former operations

Australia

In Australia, the GE Money brand encompassed the GE Consumer Finance and GE Capital Finance businesses. The company provided car, boat, personal and consolidation loans, credit cards, mortgages and insurance.

In May 2002, GE purchased the Australian Guarantee Corporation (AGC) business from Westpac, and as a result, AGC Automotive Finance became GE Automotive Finance (GE Auto), and former retail finance competitor, AGC Creditline, became known as GE CreditLine. [28]

GE Consumer Finance controlled most credit cards and loans and has a strategic partnership with Coles Group to operate the Coles Group Source MasterCard. GE Consumer Finance governs the GE Creditline, GO MasterCard, gem Visa and Buyer's Edge cards which all offer interest-free terms at participating retailers.

GE Finance also had strategic financial relations with Myer, Australia's largest department store. In 2006 and 2007 Myer signed contracts with GE to issue and govern both the new Myer Card and the Myer Visa Card. GE was also the issuer of the old red ColesMyer card which is no longer an acceptable method of payment of Myer stores, this is following the decision of Myer being disenfranchised from the Coles Myer Group.[ citation needed ]

In 2004, GE Capital Finance purchased the Wizard Home Loans business. [29]

On 24 October 2008, GE Money announced that it would cease offering motor finance in Australia and New Zealand. This move proved damaging to GE aligned dealerships who have been given 60 days to find an alternate financier to provide floorplan finance. GE Money also announced that it will be pulling out of the mortgage industry and no longer providing mortgages other than those sold under the Wizard Brand.

In December 2008, GE Money announced it was in advanced talks with the National Australia Bank to sell the Wizard brand. Ultimately, Wizard was bought by the Commonwealth Bank. [30]

In 2015, GE Capital sold its Australian and New Zealand business to a consortium led by Deutsche Bank, KKR and Värde Partners. [31] The business was renamed Latitude Financial Services with Sean Morrissey appointed as its new CEO. [32]

Austria

Austria's GE Money (formerly GE Capital Bank) was founded in 1994 after the successful acquisition and merger of Mercurbank and AVABANK. Today, it is one of Austria's leading consumer and auto finance businesses and a market leader in retail sales financing. Based in Vienna, with a network of branches throughout the country, the business provides a variety of innovative financial services including auto lending, private lending, sales finance and third party personal lending. The primary focus is on consumers, customers and business partners, such as car dealers, retailers and loan brokers.

The Austrian division was purchased, along with the German, Finnish and British store card operations of GE Money, by the Santander Group in January 2009. [33]

Canada

GE Money Canada provided private label credit card and MasterCard card programs to consumers and lending options for retailers in key industries across the country. GE Money-Canada also was a provider of alternative residential mortgages and patient financing through its CareCredit unit. It was part of the Synchrony Financial spinoff in 2014.

Czech Republic

GE Money Bank (formerly GE Capital Bank) was a significant institution in the Czech Republic. It was founded in 1997, after the acquisition of Agrobanka bank as GE Capital Bank. In the year 2000, it changed the name to GE Money Bank. It went through an IPO in 2016 and operates under the new name of Moneta Money Bank. It is a full-service bank with an extensive network of branches and ATMs. Its services focus both on retail clients and small and medium-sized enterprises. Its headquarters are located in Prague. Its call center operates from Ostrava.

Denmark

GE Money Bank Denmark (previously GE Capital Bank Denmark) offered credit cards, loans and other financial solutions. Brand names included Acceptcard, Morecard and E-lån. In 2014, GE Capital sold its Scandinavian operations to Santander. [34]

France

GE Money Bank France is born from the acquisition by GE of Crédit de l'Est and SOVAC in 1995. It provides real-estate mortgages and auto loans. [35] GE Capital sold GE Money Bank France to Cerberus Capital Management in 2016. [36]

Hong Kong

GE Capital was incorporated as a Restricted License Bank in Hong Kong. Its major focus was in mortgages (homes and automobile) and personal loans. GE Capital sold its Hong Kong operations to Standard Chartered. [37]

Hungary

Budapest Bank, was established in 1987 as one of the first commercial banks when the two-tier banking system was created in Hungary. Since 1995, GE (General Electric Company) as owner provided solid background for the bank. Budapest Bank offered a full range of financial and banking services for consumers and small and medium-sized businesses. Budapest Bank was sold to MFB in 2014. [38]

India

GE had more than 118 branches in India as of July 2006. Most of these are in the southern states. There were branches in Coimbatore, Erode, Salem Saradha, Trichy, Madurai, Tanjore, Palaghat, Hyderabad, Trivandrum, Rajamundhry, Kakinada, Vizag, Vijaywada, Hubli, Dharwad and Belgaun. GE was the first BPO's in Hyderabad. GE Capital sold its Indian housing finance business to Magma Fincorp; in 2012, it sold the remains loan portfolio to cliq capital, and exited the credit card joint venture SBI Card with State Bank of India, leaving SBI in place [39]

Italy

In 2008, GE Capital acquired Interbanca, a merchant banking firm from Banco Santander, in exchange for GE Capital businesses in Germany, Finland, Austria, and the UK. In May 2015, GE appointed Deutsche Bank to sell the bank, then had a net assets of over € 1,000,000,000. [40] In 2016, Banca IFIS acquired Interbanca for €160 million, with an obligation to repay the inter-company debt to GE. [41]

Ireland

GE Money Ireland was part of the European operations of GE Consumer Finance. In the Republic of Ireland, GE Money provided specialised financing and services such as leasing, hire purchase, mortgages and loans to businesses and individuals across the country. With headquarters in Dublin, GE Money serviced its customers through regional sales centres and a dealer and partner network. [42] GE sold its Irish loan portfolio to Pepper Home Loans in 2012. [43]

Latvia

GE Money Bank Latvia was a universal bank owned by GE in Latvia (merged from the former BTB bank and GE Money financial company [44] ), offering loan and deposit products to both private and legal entities. It was acquired by Otkritie FC Bank in 2011. [45]

Japan

GE Consumer Finance Co., Ltd (Japanese: GEコンシューマー・ファイナンス株式会社, Hepburn: Jī Ī Konshūmā Fainansu Kabushikigaisha) is part of the Japanese operation of GE Consumer Finance. From April 2005, it began to provide GE Money brand in Japan. In 2008, GE was crowned In-House of the Year - Japan In-House Lawyer of the Year by the 2008 ALB Japan Law Awards. [46] The Japanese operation was sold to Shinsei Bank in 2008. [47]

Netherlands

GE Artesia Bank, a part of GE Capitals subsidiary GE Commercial Finance, offered banking services to High-net-worth individuals as well as corporates in the Netherlands. It provided capital finance, long-term finance, leasing and finance for specific international trade transactions. It closed in 2015.

New Zealand

In 2002, GE Finance purchased Australian Guarantee Corporation's New Zealand-based finance company to create the AGC Creditline Card (now GEM Visa Card), which provides financing for retailers. In 2006 GE Money New Zealand purchased Pacific Retail Finance (PRF), New Zealand's largest personal consumer finance company, and the mortgage assets of Superbank, a supermarket-based banking system.

On 24 October 2008, GE Money announced that it was pulling out of the New Zealand vehicle finance market, with the loss of 80 staff. [48] It attributed this decision to the credit crunch.

On 15 December 2008, GE Money announced it would no longer be offering home loans through Wizard Home Loans and was seeking a buyer.

In 2015, GE Capital sold its Australian and New Zealand business to a consortium led by Deutsche Bank, Kohlberg Kravis Roberts, and Värde Partners. [31]

Norway

GE Money Bank Norge was a division of the Stockholm-based Swedish subsidiary GE Capital AB. It was a leading provider of consumer finance products in Norway with more than 300,000 clients and total lending of NOK 5 billion, second only to the major domestic bank DnB NOR.

It was the second bank in Norway to offer US style credit cards with zero annual/monthly fee and including a grace period, after Bankia Bank ASA. In the eighteen months following the launch of GE MasterCard in June 2001, the market increased to more than 100,000 US style credit cards. Before these cards, Norwegian banks only offered annual fee cards or cards with no interest free grace period.

In 2014, GE Capital sold its Scandinavian operations to Santander. [34]

Philippines

GE Money, in an effort to expand its presence in Southeast Asia, acquired a majority stake in the now-defunct Keppel Bank Philippines which acquired what was formerly the Banco Monte De Piedad, the Philippines' first savings bank, established under Spanish era. The acquisition was finalized on December 20, 2005 after the Monetary Board of the Bangko Sentral ng Pilipinas approved the purchase on December 8, 2005. The bank was renamed GE Money Bank Philippines. GE Money Bank Philippines had 31 branches all over the Philippine archipelago. GE Money Bank Philippines was acquired by BDO Unibank in 2009. [49]

Poland

Polish GE Money Bank S.A. was primarily headquartered in Gdańsk prior to December 31, 2009. BPH SA (Bank Przemysłowo-Handlowy) is a Polish financial institution 89% owned by GE Money Bank (prior to 2008 the largest shareholder was UniCredit), employing about 10,000 people. On 31 December 2009, Bank BPH merged with GE Money Bank Polska. After the merging of the two brands, GE's Capital's Polish headquarters are located in three cities: Warsaw, Kraków and Gdańsk. In October 2014, the bank's owner, General Electric, revealed it was considering selling the firm. [50] In November 2016, GE completed the spin-off and merger of Bank BPH's Core Bank to Alior Bank. GE Capital retained the Bank BPH legal entity, including its mortgage business. [51]

Romania

In Romania GE Capital has two subsidiaries:

GE Capital sold its Romanian operations to Garanti Bank in 2010. [52]

Russia

Russian GE Money Bank Russia was located in Moscow. It was sold to Sovcombank in 2013. [53]

Sweden

The Swedish subsidiary was GE Capital Bank AB. Based in Stockholm, the bank traded as GE Money Bank. In 2014, GE Capital sold its Scandinavian operations to Santander. [34]

Switzerland

GE Money Bank was the largest provider of small consumer credits in Switzerland. In 2006, the company partnered with Migros, allowing them to offer credit cards contracts through Migros. The Bank is now Cembra Money Bank [54] [ circular reference ] and went public through an initial public offering (IPO) in 2013. [55]

United Kingdom

In the United Kingdom, GE Money provided mortgages and secured loans through the former First National, acquired from Abbey National, and offered these through intermediaries. On 25 September 2008, it was announced that the UK Financial Services Authority had fined GE Money Home Lending £1.1 million for failings in its systems, which caused it to overcharge borrowers. [56] It was announced on 29 March 2008 that the GE Capital Bank store cards business and managed credit card business had been acquired by the Santander Group. [57] In 2015, GE sold its mortgage loans in sales to Kensington Mortgage (controlled by Blackstone and TPG) and to funds managed by Blackstone, TPG and CarVal Investors. [58] [59] Afterwards, the company ceased taking new loans. [60]

United States

Before June 2, 2014, GE Capital Bank was made up of retail and commercial banks. The company was founded in 1988 and is based in Draper, Utah. GE Capital Retail Bank provided retail banking and credit services to consumers in the United States and internationally. It offered retail sales finance, such as private label credit card programs, installment lending, bankcards, and financial services for consumers. The company also provided retail consumer financing solutions, such as private label credit cards, dual card, flex loans, and all-tender loyalty and gift cards; It offered its products and services through dealers, retailers, associations, contractors, manufacturers, healthcare practices, and service providers. The company was formerly known as GE Money Bank and changed its name to GE Capital Retail Bank in October 2011. GE Capital Retail Bank operated as a subsidiary of General Electric Capital Corporation. [61]

GE Capital Retail Bank acquired MetLife Bank from MetLife in 2011. [62]

As of June 2, 2014, GE Capital Retail Bank is now known as Synchrony Bank. [63] [64] [65] [66] GE Capital was then composed only of the original commercial/industrial bank in the United States. [67] GE Capital provided credit services solely to businesses and merchants in the United States, and acts as a multi-product commercial finance bank, and uses deposit Accounts to fund commercial loans and leases. The company served various industries, such as automotive, consumer electronics, flooring, healthcare, home furnishings and improvement, HVAC, elective health care, jewelry, landscaping and irrigation, luxury goods, marine, music, outdoor power equipment, pool and spa, power sports, recreation vehicle, sewing, sporting goods, travel, vacuum, and water treatment industries. GE Capital Bank was a member of the Federal Deposit Insurance Corporation (FDIC). GE Capital Bank was sold to Goldman Sachs in 2016. [68]

GE Capital owned WMC Mortgage from 2004 to 2007. [69] The company briefly owned Kidder, Peabody & Company from 1986 until its sale to PaineWebber in 1994. [70] [71] [72]

The capital group also had its hand in broadcasting throughout the early 1990s to own radio and television stations. The company first purchased Pegasus Broadcasting, who owns three television stations WJBF-TV, WAPA-TV and KSCH-TV in 1990. [73] [74] The company next purchased CBS affiliate WCSC-TV in 1991, [75] and radio stations KMOW-AM and KEYI-FM in Austin later that year. [76]

The capital quit broadcasting in stages, starting with the sale of radio stations in Austin to Mercury Broadcasting in 1991, [77] then the sale of WJBF-TV to Spartan Communications in 1992, [78] followed by the sales of WCSC-TV to Jefferson-Pilot Communications in 1993 [79] and KSCH-TV to Wing Fat, through a group Channel 58 Inc. in 1994, [80] and five years later, sold its final station WAPA-TV to LIN Television Corporation in 1999. [81]

In April 1997, a lawsuit against General Electric Capital Corp was filed on behalf of the company's customers who filed for bankruptcy. The GE Capital Corp. was accused of unfair debt collection practices. The class action lawsuit resulted in $100 million settlement with over 100,000 class members from 50 states. [82] Plaintiffs claimed that the company solicited agreements from bankrupt debtors to repay their credit card debts but failed to notify bankruptcy court of the agreement. Those reaffirmation agreements legally required the debtors to continue paying off their debt in exchange for keeping the credit card, even though bankruptcy erases credit card debts. The lawsuit claimed that GE Capital was required by law to file the agreements with bankruptcy courts and did not do so. As part of the settlement, the company agreed to refund, with interest, all credit card payments made after debtors entered into the reaffirmation agreements between January 1, 1993, and June 30, 1997. GE Capital Corp. also promised to advise credit bureaus to correct any negative credit reports related to class members’ failure to repay reaffirmed debt. [83]

In June 2014, Synchrony Bank, formerly GE Capital Retail Bank, agreed to settle claims of illegal credit card practices that were filed by the federal Consumer Financial Protection Bureau and the United States Justice Department by agreeing to pay $225 million to Spanish speaking consumers that were harmed by discriminatory practices and deceptive marketing. The bank was also required to pay an additional $3.5 million in civil penalties to the CFPB's Civil Penalty Fund for deceptive credit card marketing. [64] [65]

Divestment

On March 13, 2014, GE Capital announced that it would spin its North American consumer finance division off under the new name Synchrony Financial through an initial public offering (IPO). [84] On July 31, 2014, Synchrony Financial raised $2.9 billion in its IPO when GE sold 125 million shares (15%) of the company. [85]

On April 10, 2015, it was announced that GE would sell most of GE Capital's commercial and consumer businesses within two years, focusing instead on its leasing businesses connected with GE's manufacturing businesses. The company reached an agreement to sell the majority of its property business to Wells Fargo and Blackstone, valued at $26.5 billion. [86] [87] GE Chairman and CEO, Jeff Immelt, announced the plan in a letter to shareholders. It is "a big change for GE," but he said it is "right for the company." Under the plan, Immelt said that GE expects more than 90% of its earnings will be generated by its industrial businesses by 2018, up from 58% in 2014. GE Capital, meanwhile, will make up 10% of the company's revenues by 2018, down from 46% in 2001. [88] Shareholders applauded the announcement, pushing shares in G.E. up nearly 11 percent, to $28.51, levels unseen since the financial crisis. However, the downsizing is no small matter for a company whose empire encompasses 175 countries and employs about 305,000 people.

In June 2015, the Canada Pension Plan Investment Board announced it would acquire GE Capital's private equity lending portfolio for $12 billion. [89]

Related Research Articles

<span class="mw-page-title-main">Debt</span> Obligation to pay borrowed money

Debt is an obligation that requires one party, the debtor, to pay money borrowed or otherwise withheld from another party, the creditor. Debt may be owed by a sovereign state or country, local government, company, or an individual. Commercial debt is generally subject to contractual terms regarding the amount and timing of repayments of principal and interest. Loans, bonds, notes, and mortgages are all types of debt. In financial accounting, debt is a type of financial transaction, as distinct from equity.

<span class="mw-page-title-main">Financial services</span> Economic service provided by the finance industry

Financial services are economic services tied to finance provided by financial institutions. Financial services encompass a broad range of service sector activities, especially as concerns financial management and consumer finance.

<span class="mw-page-title-main">Capital One</span> Bank holding company headquartered in McLean, Virginia

Capital One Financial Corporation is an American bank holding company founded on July 21, 1994 and specializing in credit cards, auto loans, banking, and savings accounts, headquartered in Tysons, Virginia with operations primarily in the United States. It is the 12th largest bank in the United States by total assets as of December 31, 2022, the third largest issuer of Visa and Mastercard credit cards, and one of the largest car finance companies in the United States.

Bank of America Home Loans is the mortgage unit of Bank of America. It previously existed as an independent company called Countrywide Financial from 1969 to 2008. In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion. In 2006, Countrywide financed 20% of all mortgages in the United States, at a value of about 3.5% of the United States GDP, a proportion greater than any other single mortgage lender.

A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Traditionally, banks and other lending institutions have sold their own products. As markets for mortgages have become more competitive, however, the role of the mortgage broker has become more popular. In many developed mortgage markets today,, mortgage brokers are the largest sellers of mortgage products for lenders. Mortgage brokers exist to find a bank or a direct lender that will be willing to make a specific loan an individual is seeking. Mortgage brokers in Canada are paid by the lender and do not charge fees for good credit applications. In the US, many mortgage brokers are regulated by their state and by the CFPB to assure compliance with banking and finance laws in the jurisdiction of the consumer. The extent of the regulation depends on the jurisdiction.

<span class="mw-page-title-main">Credit</span> Financial term for the trust between parties in transactions with a deferred payment

Credit is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately, but promises either to repay or return those resources at a later date. The resources provided by the first party can be either property, fulfillment of promises, or performances. In other words, credit is a method of making reciprocity formal, legally enforceable, and extensible to a large group of unrelated people.

<span class="mw-page-title-main">Ally Financial</span> American financial services company

Ally Financial Inc. is a bank holding company incorporated in Delaware and headquartered at Ally Detroit Center in Detroit, Michigan. The company provides financial services including car finance, online banking via a direct bank, corporate lending, vehicle insurance, mortgage loans, and other related financing services such as installment sale and lease agreements.

<span class="mw-page-title-main">Banco Santander</span> Spanish multinational bank

Banco Santander S.A. trading as Santander Group, is a Spanish multinational financial services company based in Madrid and Santander in Spain. Additionally, Santander maintains a presence in most global financial centres as the 19th-largest banking institution in the world. Although known for its European banking operations, it has extended operations across North and South America, and more recently in continental Asia. It is considered a systemically important bank by the Financial Stability Board.

HSBC Finance Corporation is a financial services company and a subsidiary of HSBC Holdings. It is the sixth-largest issuer of MasterCard and Visa credit cards in the United States. HSBC Finance Corporation was formed from the legal entity that had been known as Household International—shortly after Household International settled for US$486 million in charges pertaining to predatory lending, after burning through $389 million in legal fees and expenses—and is now expanding its consumer finance model via the HSBC Group to Brazil, India, Argentina and elsewhere.

Payment protection insurance (PPI), also known as credit insurance, credit protection insurance, or loan repayment insurance, is an insurance product that enables consumers to ensure repayment of credit if the borrower dies, becomes ill, disabled, loses a job, or faces other circumstances that may prevent them from earning income to service the debt. It is not to be confused with income protection insurance, which is not specific to a debt but covers any income. PPI was widely sold by banks and other credit providers as an add-on to the loan or overdraft product.

A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual. A credit score is primarily based on a credit report, information typically sourced from credit bureaus.

Founded in 1921 as Australian Guarantee Company to initially provide finance for purchasers of smaller household items, it progressed into financing motor vehicles and was renamed as Australian Guarantee Corporation (AGC) in 1925. AGC was Australia's oldest national finance company offering a range of finance, investment and insurance products and were market leaders in equipment finance, cashflow finance, motor vehicle and personal finance.

Discover Financial Services, Inc. is an American financial services company that owns and operates Discover Bank, an online bank that offers checking and savings accounts, personal loans, home equity loans, student loans and credit cards. It also owns and operates the Discover and Pulse networks, and owns Diners Club International. Discover Card is the third largest credit card brand in the United States, when measured by cards in force, with nearly 50 million cardholders. Discover is currently headquartered in the Chicago suburb of Riverwoods, Illinois.

The New York State Banking Department was created by the New York Legislature on April 15, 1851, with a chief officer to be known as the Superintendent. The New York State Banking Department was the oldest bank regulatory agency in the United States.

<span class="mw-page-title-main">Bank of Ayudhya</span> Commercial bank in Thailand

Bank of Ayudhya Public Company Limited, branded and commonly referred to as Krungsri, is the fifth largest bank in Thailand in terms of assets, loans, and deposits, and one of Thailand’s six Domestic Systemically Important Banks (D-SIBs).

<span class="mw-page-title-main">Banco Santander Río</span> Spanish commercial bank and financial services company

Banco Santander Argentina is a commercial bank and financial services company and affiliate of the Santander, Cantabria (Spain) based Santander Group. Based in Buenos Aires, its banking operations are the third largest in Argentina, as well as the largest among all privately owned banks in the country.

Home Capital Group is a Canadian holding company. Through its subsidiary Home Trust Company, it provides Canadians a range of credit products including mortgages, credit cards and deposit services. It is regulated under federal legislation. Home Trust operates mainly in regions considered low risk where above average returns may be achieved; it also tends to focus on areas largely ignored by other mortgage lenders. During the 2008 economic crisis, it faced less competition and its customer base is unique. Mortgaged properties are residential and non-residential and include apartment and office buildings, hotels, construction and industrial complexes. In 2009, its stock outperformed that of eight major competitors in the uninsured mortgage market.

SoFi Technologies, Inc. is an American personal finance and financial technology company. Founded in 2011 at Stanford University, it operates as a direct bank and supports other financial institutions through its technology platform. As of 2024, SoFi reports 9.4 million customers and 160 million platform accounts.

Synchrony Financial is an American consumer financial services company with its headquarters in Stamford, Connecticut, United States. The company offers consumer financing products, including credit, promotional financing and loyalty programs, installment lending to industries, and FDIC-insured consumer savings products, through Synchrony Bank, its wholly owned online bank subsidiary.

<span class="mw-page-title-main">Latitude Financial Services</span> Australian financial services company

Latitude Financial Services is an Australian financial services company with headquarters in Melbourne, Victoria, also doing business in New Zealand under the name Gem Finance. Latitude’s core business is in consumer finance through a variety of services including secured and unsecured personal loans, credit cards, car loans and interest free retail finance. As of 2018 it had around a 6% share of Australia’s personal lending market, making it the biggest non-bank lender of consumer credit in Australia.

References

  1. ↑ "GE Capital".
  2. ↑ "Designations". Treasury.gov. Retrieved 2017-03-29.
  3. ↑ "GE Capital Business Model". Archived from the original on 2 November 2013. Retrieved 20 April 2015.
  4. ↑ "S&P rates GE Capital Corp. notes 'AA+'". Reuters . December 5, 2012.
  5. ↑ "GE Capital closes the sale of its GE Money Bank AB (Nordics) to Santander Consumer Finance S.A." www.ge.com. Retrieved 2022-10-16.
  6. ↑ Sorkin, Andrew; Merced, Michael (10 April 2015). "G.E. to Retreat From Finance in Post-Crisis Reorganization". The New York Times . Retrieved 2017-03-29.
  7. ↑ Collins, Allison. "For GE Capital's Coveted Antares Unit, New Owner Means Expansion Beyond Senior Debt". Mergers & Acquisitions, Latest News. Retrieved 2015-11-03.
  8. ↑ "GE to sell European private equity financing unit to SMBC". TodayOnline.com. June 30, 2015. Archived from the original on 2015-12-08. Retrieved 2015-12-05.
  9. ↑ "Blackstone and Wells Fargo to Buy GE Capital's Real Estate Assets". Business Wire . 2015-04-10. Retrieved 2017-03-29.
  10. ↑ Mann, Ted; Glazer, Emily (2015-10-13). "GE to Sell Commercial Lending, Leasing Businesses to Wells Fargo". Wall Street Journal. ISSN   0099-9660 . Retrieved 2015-11-03.
  11. ↑ Minaya, Ezequiel (2015-12-03). "GE Capital Enters Talks to Unload European Financing Businesses". Wall Street Journal. ISSN   0099-9660 . Retrieved 2015-12-05.
  12. ↑ Thurlow, Rebecca (2015-11-09). "General Electric to Sell Australian Commercial Lending Business". Wall Street Journal. ISSN   0099-9660 . Retrieved 2015-12-05.
  13. ↑ "CORRECTED-Mubadala GE Capital says to sell most assets to MidCap Finco". Reuters. 2015-10-02. Retrieved 2015-11-03.
  14. ↑ "Marmon and Wells Fargo buy GE Capital rail businesses", railwaygazette.com, 1 October 2015
  15. ↑ Barrow, Keith (1 October 2015), "GE sells wagon leasing business", railjournal.com
  16. ↑ Linebaugh, Peter Rudegeair And Kate (2015-08-14). "General Electric Sells GE Capital Bank's Online Platform to Goldman Sachs". Wall Street Journal. ISSN   0099-9660 . Retrieved 2015-11-03.
  17. ↑ Sidel, Robin; Linebaugh, Kate (2015-08-11). "GE to Sell Health-Care Lending Operations to Capital One for $9 Billion". Wall Street Journal. ISSN   0099-9660 . Retrieved 2015-11-03.
  18. ↑ Porter, Kiel. "GE Capital Said to Agree to Sell Private-Equity Unit to Ardian". Bloomberg News. Retrieved 2015-11-03.
  19. ↑ "BMO to Buy GE Capital's Transportation Finance Unit - Bloomberg Business". Bloomberg News. Retrieved 2015-11-03.
  20. ↑ "GE to sell corporate jet finance arm". Cincinnati.com. Retrieved 2015-11-03.
  21. ↑ "GE to Sell Mexican Equipment Lending Platform to Linzor Capital Partners". Monitordaily. 2015-12-07. Retrieved 2017-03-29.
  22. ↑ Clough, Richard. "GE Sells Vehicle-Fleet Assets to Element for $6.9 Billion". Bloomberg News. Retrieved 2015-12-05.
  23. ↑ Tsang, Amie (2015-12-15). "General Electric to Sell Commercial Lending Business in Japan". The New York Times. ISSN   0362-4331 . Retrieved 2016-01-25.
  24. ↑ "GE Capital to sell bulk of U.S. restaurant franchise loan portfolio". Reuters. 2016-06-27. Retrieved 2016-11-28.
  25. ↑ "GE to sell $1.4 billion U.S. hotel franchise loan portfolio". Reuters. 2016-03-29. Retrieved 2017-03-29.
  26. ↑ "AerCap Completes Acquisition of GE Capital Aviation Services from GE". Yahoo! Finance . 2021-11-01.
  27. ↑ Simpson, Andrew (2024-06-03). "RiverStone Acquires Electric Insurance; Plymouth Rock Gets Renewal Rights". Insurance Journal.
  28. ↑ "Westpac Completes Sale of AGC to GE". Westpac. May 31, 2002.
  29. ↑ "GE Capital sizes up Wizard for $400m". Australian Financial Review . 2004-07-16. Retrieved 2020-09-08.
  30. ↑ "Commonwealth Bank to acquire up to $4 billion of Wizard originated prime mortgages". Commonwealth Bank . Sydney. 2008. Retrieved 18 January 2012.
  31. 1 2 "GE Finance sold in record-setting deal". Sydney Morning Herald . 2015-03-16. Retrieved 2015-04-11.
  32. ↑ "GE Capital Finance to be renamed Latitude Financial". Sydney Morning Herald. 2015-11-04. Retrieved 2017-03-29.
  33. ↑ Fletcher, Richard (29 March 2008). "Santander to buy GE Capital Bank". Daily Telegraph .
  34. 1 2 3 "Santander to Buy G.E.'s Nordic Banking Business". DealBook. 23 June 2014. Retrieved 2015-04-11.
  35. ↑ "Crédit en ligne - GE Money Bank - Demande de credit". Credit.gemoneybank.fr. Archived from the original on 2009-04-06. Retrieved 2017-03-29.
  36. ↑ "GE Capital to sell French lending unit to Cerberus". USA Today. Retrieved 2016-07-03.
  37. ↑ Yung, Chester; Or, Amy (2010-02-26). "GE to Sell Hong Kong Unit". Wall Street Journal. ISSN   0099-9660 . Retrieved 2015-04-11.
  38. ↑ "Hungary to Buy GE's Budapest Bank as Cabinet Boosts Control". Bloomberg News. 2014-12-04. Retrieved 2017-03-29.
  39. ↑ "KKR-backed firm to buy GE Capital's India mortgage biz". Business Standard India. 2012-11-09. Retrieved 2015-04-11.
  40. ↑ Barbaglia, Pamela (28 May 2015). "General Electric hires Deutsche Bank to sell Italian lender Interbanca - sources". Reuters. Archived from the original on December 27, 2015. Retrieved 26 December 2015.
  41. ↑ "Banca IFIS and GE Capital, agreement reached for the acquisition of GE Capital Interbanca". Banca IFIS. 28 July 2016. Retrieved 9 August 2016.
  42. ↑ "GE Money Ireland profile". 2007. Archived from the original on 5 June 2007. Retrieved 20 June 2007.
  43. ↑ "Goldman Sachs backs deal to buy GE Capital's Irish loans". Independent.ie. Retrieved 2015-04-12.
  44. ↑ "Welcome to AS GE Money Bank!". gemoneybank.lv. Archived from the original on 2011-12-07. Retrieved 2011-12-10.
  45. ↑ "GE Money Latvia sold". The Baltic Times. Retrieved 2015-04-12.
  46. ↑ Dam, Ranajit. "Asian Legal Business". Legalbusinessonline.com.au. Retrieved 2017-03-29.
  47. ↑ "GE to sell Japan lender to Shinsei for $5.4 bln". Reuters. 2008-07-11. Retrieved 2015-04-11.
  48. ↑ "Credit crunch hits GE Money". Stuff.co.nz . 24 October 2008. Archived from the original on September 12, 2012. Retrieved 1 October 2011.
  49. ↑ Torres, Ted P. (2009-05-29). "BDO acquires GE Money Bank | Business, News, The Philippine Star". Philstar.com. Retrieved 2017-03-29.
  50. ↑ "GE considers sale of Polish unit Bank BPH". Reuters. 15 October 2014.
  51. ↑ "GE Completes Spin off and Demerger of Bank BPH Core Bank to Alior Bank" (Press release). Business Wire. November 4, 2016.
  52. ↑ "GE withdraws from the Romanian financial services market, sells to partner Garanti". Romania-Insider.com. Archived from the original on 2015-09-24. Retrieved 2015-04-12.
  53. ↑ "Russia's Sovcombank to buy local GE Money Bank". Reuters. 2013-10-28. Retrieved 2015-04-12.
  54. ↑ de:Cembra Money Bank
  55. ↑ "GE Money Bank sale to value company at up to $1.67 billion". Reuters. 2013-10-16. Retrieved 2015-04-11.
  56. ↑ Insley, Jill (25 September 2008). "FSA fines mortgage lender £1.1m". The Guardian. London. Retrieved 25 September 2008.
  57. ↑ Fletcher, Richard (28 March 2008). "Santander to buy GE Capital Bank". The Daily Telegraph. London. Retrieved 29 March 2008.
  58. ↑ "GE sells $3.7 billion UK home loan portfolio to Kensington Mortgage". Reuters. 2015-09-16. Retrieved 2015-12-05.
  59. ↑ Steele, Anne (2015-11-23). "GE to Sell U.K. Home Lending Portfolio". Wall Street Journal. ISSN   0099-9660 . Retrieved 2015-12-05.
  60. ↑ "GE Money stops lending following mortgage book sale". FTAdviser.com. 2016-03-11. Retrieved 2017-03-29.
  61. ↑ InsideView, Inc.[ ambiguous ]
  62. ↑ "MetLife to Sell Bank Unit to GE Capital". Insurance Journal. December 27, 2011.
  63. ↑ "Synchrony Bank website". Archived from the original on 2014-07-14. Retrieved 2014-06-13.
  64. 1 2 Olson, Elizabeth (June 19, 2014). "G.E. Consumer Finance Unit Reaches Settlements". New York Times .
  65. 1 2 Schneier, Cogan (June 20, 2014). "GE Capital arm to pay record credit card settlement". USA Today .
  66. ↑ "Retail Banking and Finance". Synchrony Financial. Retrieved 2017-03-29.
  67. ↑ "Our Company". GE Capital Bank.[ dead link ]
  68. ↑ "Goldman to Buy GE Online Bank With $16 Billion of Deposits". Bloomberg News. 2015-08-13. Retrieved 2017-03-29.
  69. ↑ "GE's WMC Mortgage unit, felled by financial crisis, files Chapter 11 bankruptcy". Reuters. 2019-04-23. Retrieved 2020-06-17.
  70. ↑ Behr, Peter (1986-04-25). "GE to Acquire Control Of Broker Kidder, Peabody". Washington Post. ISSN   0190-8286 . Retrieved 2023-09-14.
  71. ↑ Sterngold, James (1986-04-25). "G.E. GAINS KIDDER FOR $600 MILLION". The New York Times. ISSN   0362-4331 . Retrieved 2023-09-14.
  72. ↑ "It's Official: GE Selling Kidder to PaineWebber : Securities: The deal for $670 million in stock would free the conglomerate from what has been a financial quagmire". Los Angeles Times. 1994-10-18. Retrieved 2023-09-14.
  73. ↑ "For the Record..." (PDF). Broadcasting . June 4, 1990. p. 80. Retrieved September 12, 2023.
  74. ↑ "For the Record" (PDF). Broadcasting . June 11, 1990. p. 85. Retrieved September 12, 2023.
  75. ↑ "For the Record" (PDF). Broadcasting . May 6, 1991. p. 56. Retrieved September 12, 2023.
  76. ↑ "For the Record" (PDF). Broadcasting . September 30, 1991. p. 44. Retrieved September 12, 2023.
  77. ↑ "For the Record" (PDF). Broadcasting . December 2, 1991. p. 80. Retrieved September 12, 2023.
  78. ↑ "For the Record" (PDF). Broadcasting . March 16, 1992. p. 45. Retrieved September 12, 2023.
  79. ↑ "Changing Hands" (PDF). Broadcasting . August 30, 1993. p. 36. Retrieved August 12, 2023.
  80. ↑ "Changing Hands" (PDF). Broadcasting . April 25, 1994. p. 39. Retrieved September 12, 2023.
  81. ↑ "Lin Televisión adquiere WAPA-TV Canal 4 de Puerto Rico". PRODU.COM (in Spanish). 1999-10-20. Retrieved 2023-09-12.
  82. ↑ Cerone, Rudy J.; Greendyke, William R.; Redmiles, Mark A.; Rhodes, Steven W. (2008), "Mortgage Industry: Who Really Holds the Paper and How Much Is Really Due? Proof and Accounting Issues", American Bankruptcy Institute : 44
  83. ↑ "$100 million settlement approved in GE suit". Deseret News . January 23, 1999. Archived from the original on February 18, 2014.
  84. ↑ Shah, Aman. "GE files to spin off credit card unit". Reuters.com.
  85. ↑ Douglas, Danielle. "General Electric spins off credit card unit in IPO". The Washington Post.
  86. ↑ de la Merced, Michael J.; Sorkin, Andrew Ross (April 10, 2015). "G.E. to Retreat From Finance in Post-Crisis Reorganization". The New York Times. Archived from the original on 2017-02-23. Retrieved 2017-02-08.
  87. ↑ Crooks, Ed; Blackden, Richard (April 10, 2015). "GE returns to its industrial roots". Financial Times. Retrieved April 20, 2015.
  88. ↑ "GE dismantles GE Capital; plans $90B to investors". USA Today. 2015-04-10. Retrieved 2017-03-29.
  89. ↑ Rocha, Euan (2015-06-09). "Canada's CPPIB to buy GE private equity lending arm for $12 billion". Reuters. Retrieved 2017-03-29.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.