KETTERING, Ohio--(BUSINESS WIRE)--Aug. 16, 2005
GE Consumer Finance, the consumer lending unit of General Electric Company (NYSE: GE), today announced it plans to acquire E*TRADE Consumer Finance Corporation, an affiliate of E*TRADE FINANCIAL Corp., which provides consumer financing solutions for recreational vehicles and marine products.
The acquisition includes operations in Irvine, Calif., and Clearwater, Fla., and adds approximately 200 employees. The transaction is expected to add $2 billion in annual loan volume to GE Consumer Finance's Retail Sales Finance business, which partners with retailers, dealers and health care providers in providing consumer lending programs focused on building their businesses.
Subject to regulatory approval, the transaction is anticipated to close in the next 60 to 90 days. This acquisition represents a significant step in the growth of our recreational consumer lending business, said Glenn Marino, president and chief executive officer of GE Consumer Finance's Retail Sales Finance unit.
The combination of E*TRADE and GE's consumer financing businesses will deliver a broad range of lending products, diverse industry expertise and advanced loan servicing technology to recreational vehicle and marine clients.
The agreement complements and enhances GE Consumer Finance's current RV and marine financing capabilities. Both organizations share a strong commitment to this industry based upon exceptional client and customer service. Our collective experience positions us among the leaders in RV and marine financing, added Marino.
Retail Sales Finance supports a diversified portfolio of more than 200 regional and national clients with merchants in over 100,000 locations in key industries including: automotive, recreational vehicles and marine, home improvement, powersports, consumer electronics and appliances, furniture, floor covering, jewelry and health care.
About Retail Sales Finance
Retail Sales Finance, based in Kettering, Ohio, is part of GE Consumer Finance and provides private label credit card programs, marketing, installment lending and financial services for national and regional retailers in key industries: home improvement, powersports, outdoor equipment, automotive/recreational vehicles, music, consumer electronics and appliances, furniture, floor covering, jewelry and health care.
About GE Consumer Finance
With $150 billion in assets, GE Consumer Finance, a unit of General Electric Company, is a leading provider of credit services to consumers, retailers and auto dealers in 47 countries around the world. GE Consumer Finance, based in Stamford, Conn. (USA), 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.
More information can be found online at www.geconsumerfinance.com.
About GE
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 www.ge.com.
(C) 2005 General Electric Company, All rights reserved.
Contacts
GE Consumer Finance Mike Ettlemyer, 203-585-6791
OR TagTeam Global
Jim Thomas, 636-586-1964
Cristy Williams
[email protected]
678.518.2596