GE reorganizes for long-term growth and stability in key emerging markets
Gurgaon, INDIA -- 22 January 2009 -- GE Capital (NYSE: GE) announced today that Mr. Vicky Bindra has been appointed as President and CEO, leading all of its consumer and commercial financial services businesses in India, including strategic partnerships such as SBI Cards. This appointment, effective immediately, follows the global reorganization of GE Capital, which was announced in July 2008.
Mr. Bindra, a banking and finance veteran with over 14 years of global experience in the industry, joined GE in 2007 as President and CEO of GE Commercial Finance India. Under his leadership, the commercial finance business focused on funding India's growth, serving customers in key areas such as infrastructure, equipment lending, and healthcare finance. In his new role, he inherits GE's consumer finance business, which offers personal loans, mortgages, and credit cards through its joint venture partner, SBI.
Commenting on his appointment, Mr. Bindra said, "I'm excited about leading GE Capital's businesses in India, this is a country that offers us tremendous opportunities for long-term growth. Though market volatility remains a significant challenge for us in the short term, we remain committed to playing an active role in India's financial services sector in the future."
Assuming leadership during a time of an economic downturn that challenges both the Indian and global markets, Mr. Bindra will look to re-focus GE's financial services presence in India on long-term growth sectors and invest in businesses with high-growth, high-margin platforms. The new structure, designed to bring together GE's financial services businesses under one umbrella, will increase the business' flexibility to respond to opportunities and challenges presented by the current environment as well as enhance its capabilities to better serve India's diverse and dynamic financial services customer base.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For over 1 million businesses, it provides real estate, equipment and inventory financing; fleet services; working capital; and funds for corporate acquisitions, refinancings and restructurings. For its 130 million consumer customers, GE Capital offers credit cards, retail sales finance programs, home, car and personal loans and credit insurance.
GE (NYSE:GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's web site at www.ge.com.
For inquiries about GE Capital's business in India, please contact:
Dolly Tayal / Mriglekha Dayal
Genesis Burson - Marsteller
Email: [email protected] / [email protected]
Tel: +91 124-404-4999
Mobile: +91 -- 98991- 01140 / +91 9999168807
Corporate Communications
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