Global Consumer Finance (GCF) is one of GE’s fastest growing businesses. Launched just seven years ago, GCF has built the largest international consumer finance company in the world, with more than $35 billion in assets and over 20,000 employees. Net income for the past five years has increased over 60% annually, and profit more than doubled in 1999.
A major part of GCF’s success has been its international acquisition process. Over 100 people are dedicated to originating deals, conducting due diligence, negotiating contracts and integrating new companies. GCF’s most recent acquisition is the AVCO Financial Services business in Australia and New Zealand. Here consumers can obtain a wide range of personal loans and insurance products through 160 branches. In 1999, GCF also acquired platforms in Romania, Argentina and Slovakia.
Across the globe, GCF is providing financial services to over 35 million consumers in 31 countries.
In Japan, GCF’s customers can get a loan in minutes at one of 500 automatic loan machines, while making their monthly payments at various locations, including convenience stores nationwide.
In Denmark, over a third of our customers apply for loans on the Internet.
In India, a bankcard joint venture with the State Bank of India used Six Sigma Quality tools to sign 200,000 card holders during its first year of operation.
GCF operates an integrated global business linked by Six Sigma methodologies and measurements. Centralized experts in areas such as acquisition, integration, database marketing and systems technology serve all of the operating units. Strong leaders in the field, all but one of whom is a local national, bring decision-making close to the customer. Rotational global assignments help build a pipeline of future leaders.
Boundaries in the world of global financial services are disappearing rapidly. GCF is the only business in GE that operates entirely outside the U.S. Its exclusive international focus has kept it in touch with global market trends. The European Economic and Monetary Union is creating a single currency for what will be the world’s second-largest economy after the United States. Japan is rapidly deregulating its financial services industry. The Internet is breaking down distribution barriers around the globe, with new financial services competitors emerging almost daily. Consumers in many developing markets are getting their first chance to finance their dreams. In this rapidly changing environment, GCF has established market positions and capabilities for continued long-term success.
Visit Global Consumer Finance online at: http://www.ge.com/capital/globalfinance/index.htm
