STAMFORD, Conn.--(BUSINESS WIRE)--Aug. 8, 2004-- Dillard's Inc. selects GE unit to provide retail credit card services and program support for its customers GE Consumer Finance, a global leader in retail credit car programs and other consumer lending services, announced today that it has entered into an agreement to purchase substantially all of the assets of Dillard National Bank, the private label credit card issuing bank of Dillard's Inc. (NYSE: DDS), for approximately $1.25 billion.
As part of the agreement, the two companies also signed a 10-year agreement and long-term marketing and servicing alliance that will provide credit marketing and analytic support, credit servicing and customer care for Dillard's 5.5 million active proprietary retail cardholders. GE Consumer Finance is a unit of General Electric Company (NYSE: GE). The acquisition also includes approximately 500 employees of Dillard National Bank, who will join GE following the close of the transaction. The acquisition is expected to be completed before the end of the year, subject to regulatory approval.
We're absolutely thrilled to be partnering with a retailer as well known and respected as Dillard's, said Mark W. Begor, president and chief executive officer, GE Consumer Finance-Americas. This new partnership opens up great opportunities to offer more products, benefits and value to Dillard's customers and to help drive Dillard's growth.
Dillard's operates 329 stores in 29 states, primarily in the Southwest, Southeast and Midwest. Its private-label program is the sixth-largest in-house card program in the United States.
We are pleased to announce this agreement with GE Consumer Finance today, said Dillard's Chief Executive Officer William Dillard II. Our new alliance with GE Consumer Finance will provide Dillard's shoppers expanded financing options supported by consistent, customer-friendly account servicing. Our commitment to provide our customers with exciting fashion apparel and home furnishing choices at Dillard's, complemented by excellence in customer service, is further strengthened by this alliance.
We are particularly excited by the marketing expertise that GE Consumer Finance will make available to us. We are proud to be associated with GE Consumer Finance, a solid, established leader in consumer finance, and look forward to many years of mutually beneficial operations.
About Dillard's
Dillard's, Inc. is one of the nation's largest fashion apparel and home furnishing retailers with annual revenues exceeding $7.8 billion. The company's 329 stores operate with one name, Dillard's, and span 29 states. Dillard's stores offer a broad selection of merchandise, including products sourced and marketed under Dillard's exclusive brand names.
More information about Dillard's can be found online at www.dillards.com.
About GE Consumer Finance
GE Consumer Finance, a unit of General Electric Company, with $117 billion in assets, is a leading provider of credit services to consumers, retailers and auto dealers in 40 countries. GE Consumer Finance, based in Stamford, Conn., 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 about GE Consumer Finance can be found at www.geconsumerfinance.com.
GE (NYSE: GE) is a diversified technology, media and financial services company with operations worldwide.
More information about GE can be found online at www.ge.com.
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CONTACT: Dillard's, Inc.
Julie Bull, 501-376-5965
[email protected]
or
GE Consumer Finance
Peter Tosches, 203-585-6701 (office)
203-249-7487 (cell)
[email protected]
Cristy Williams
[email protected]
678.518.2596