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With 100 million customers spread throughout 35 countries, Consumer Finance is diverse in terms of both geography and services. This diversity, combined with stringent risk management practices, has helped Consumer Finance generate earnings growth five years in a row while maintaining the high quality of its portfolio.
In 2003, Consumer Finance plans to continue its growth by introducing new products and services, such as personal loans in the United States. With these products and services, Consumer Finance will offer comprehensive financing solutions for consumers, including credit cards, auto loans and mortgages. Consumer Finance also expects to grow the number of private-label credit card accounts that it manages in partnership with many of the world’s leading retailers, including Harrod’s, Lowe’s Home Improvement Warehouse®, Tesco Lotus and Wal-Mart. Consumer Finance also plans to enter several new countries, including China, and to expand in others, including the U.S., where its retail sales finance unit is exploring opportunities to offer complementary products and services through the 60,000 locations where it serves merchants and dealers. Consumer Finance is confident about delivering another year of growth in 2003.
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David R. Nissen
President and CEO
GE Consumer Finance
2002 TOTAL ASSETS: $77.0 billion
BREAKTHROUGHS
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1933 : Consumer Finance
Credit: General Electric Credit Corporation formed to help consumers purchase GE appliances over time. 2002 Consumer Finance revenues: $10.3 billion
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Very Useful