GE Consumer Finance to Acquire Credit Card Business of Belk, Inc.

Furthering its growth strategy, GE Consumer Finance, the consumer lending unit of General Electric Company, today announced that it has entered into an agreement to purchase and manage the private label credit card assets of Belk, Inc., the nation’s largest privately owned department store company. Belk operates 278 stores in 15 Southeast and Mid-Atlantic states under the names Belk, McRae’s and Proffitt’s.

GE Consumer Finance will acquire approximately $300 million in private label credit card receivables from Belk and $200 million from a third-party provider. Belk and GE Consumer Finance agreed to a 10-year alliance in which GE will provide credit marketing and analytic support, credit servicing and customer care for Belk’s 4.2 million retail cardholders.