GE Consumer Finance Forms Specialty Retail Group

STAMFORD, CT – GE Consumer Finance-Americas announced today it has established the Specialty Retail Group to support the unique financing and marketing needs of growing, mid-size retailers. The new business unit is part of GE Consumer Finance’s Retail Consumer Finance division, which provides retail credit card services to major retailers in the United States and Canada. The Specialty Retail Group will focus exclusively on providing private label and co-branded credit programs to apparel and accessory, home goods and other growing specialty retailers with portfolios of up to $200 million.

“We have a successful track record of partnering with specialty retailers to grow their credit and financing products, customer base and sales,” said Margaret Keane, president and chief executive office of Retail Consumer Finance, part of GE Consumer Finance. “The Specialty Retail Group will sharpen our focus on this important market segment with dedicated resources and technology, greater functional expertise, and differentiated marketing programs.”

Paula Clayton will serve as vice president and general manager of the new division, which will have more than 200 dedicated, cross-functional employees. The team will provide customized marketing research, planning and execution support; integrated co-brand and loyalty programs; and brand-specific customer service.

Keane said she expects the Specialty Retail Group to be a key contributor to private label credit program growth for GE Consumer Finance, which now has more than $117 billion in assets, in 41 countries.

“Retailer-branded credit cards are unique in offering branded customer service, helping to generate incremental sales and gross margins,” Keane said. “Whether it’s loyalty initiatives, promotions or added incentives for the frequent shopper, a retail-branded card program helps drive sales.”

About GE and GE Consumer Finance
GE Consumer Finance, a unit of General Electric Company, with $122 billion in assets, is a leading provider of credit services to consumers, retailers and auto dealers in 41 countries around the world. GE Consumer Finance, based in Stamford, Conn., offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance. GE is a diversified technology, media and financial services company with operations worldwide. More information about GE can be found online at www.ge.com.