STAMFORD, Conn.--(BUSINESS WIRE)--April 22, 2003--GE Consumer Finance announced today that it has signed a seven-year extension of its agreement with Lowe's Companies, Inc., to continue to provide private label credit card services for the home improvement retailer's consumer and commercial customers.
We're thrilled to continue the 23-year relationship we've developed with the Lowe's team, said Mark Begor, President and Chief Executive Officer of GE Consumer Finance - Americas.
It's an exciting opportunity for us to partner with a growth-oriented home improvement leader and build on the success of the existing private label program by developing new financing products for Lowe's.
The Lowe's credit card plays an important role for our customers because it enables them to accomplish larger projects to improve, beautify and enjoy their homes, said Ken Black, Lowe's Senior Vice President and Chief Accounting Officer.
By extending our relationship with GE Consumer Finance, Lowe's can continue to provide access to credit that helps our customers make the most of their biggest investment--their home.
The contract extension includes the continued servicing of the Lowe's consumer and business revolving charge portfolios.
GE Consumer Finance provides a full range of services to Lowe's, including marketing, risk management, customer service, collections and national field marketing.
About Lowe's
With 2002 sales of $26.5 billion, Lowe's Companies, Inc. is a FORTUNE 100 company that serves approximately nine million customers a week at more than 850 home improvement stores in 45 states. In 2003, FORTUNE named Lowe's America's Most Admired Specialty Retailer. Based in Wilkesboro, N.C., the 57-year old company is the second-largest home improvement retailer in the world.
For more information, visit Lowes.com.
About GE and GE Consumer Finance
GE Consumer Finance, a unit of General Electric Company, with $73 billion in assets, is a leading provider of credit services to consumers, retailers and auto dealers in 36 countries around the world.
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. GE (NYSE: GE) is a diversified services, technology and manufacturing company with operations worldwide.
More information about GE can be found online at www.ge.com.
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CONTACT: GE Consumer Finance
Peter Tosches, 203/316-7284 (office);
203/247-7487 (cell)
or 203/758-6646 (home)
peter.tosches@ge.com
or
Lowe's
Chris Ahearn, 336/658-7387
chris.b.ahearn@lowes.com
Cristy Williams
cristy.williams@ge.com
678.518.2596