Furthering its growth strategy, GE Money, the consumer lending unit of General Electric Company (NYSE:GE), today announced that it is the exclusive issuer of the Lowe's Platinum Visa credit card portfolio and reached an agreement to continue providing private label and co-brand credit programs for Lowe's Companies, Inc. through 2016.
STAMFORD, Conn.--(BUSINESS WIRE)--Furthering its growth strategy, GE Money, the consumer lending unit of General Electric Company (NYSE:GE), today announced that it is the exclusive issuer of the Lowe's Platinum Visa credit card portfolio and reached an agreement to continue providing private label and co-brand credit programs for Lowe's Companies, Inc. through 2016. The Lowe's relationship, currently at 28 years, is the longest-running retail partnership for GE Money.
GE Money will now provide a full range of credit products and services to Lowe's customers across multiple consumer and commercial programs.
"We're excited about extending and deepening our strong partnership with Lowe's and providing card benefits and customer care to Lowe's Platinum Visa cardholders," said Margaret Keane, president and CEO, GE Money -- Retail Consumer Finance. "Our continuing relationship with Lowe's gives us great opportunities to offer enhanced products, benefits and value to Lowe's customers while helping drive both Lowe's and GE Money's growth."
"GE's service to Lowe's and our customers over nearly three decades has been outstanding," said Larry D. Stone, Lowe's president and COO. "Extending our relationship with GE Money ensures continued consistent delivery of competitive, customer-friendly financing solutions for our do-it-yourself, do-it-for-me and commercial customers. Together, we look forward to helping customers complete their projects with the right products, services and financing into the next decade."
About GE Money -- Retail Consumer Finance
Retail Consumer Finance is a business of General Electric Company's (NYSE:GE) GE Money unit. With $190 billion in assets, GE Money is a leading provider of credit services to consumers, retailers and auto dealers in 54 countries around the world. GE Money is based in Stamford, Conn., and 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.gemoney.com.
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.
About Lowe's
With fiscal year 2006 sales of $46.9 billion, Lowe's Companies, Inc. is a FORTUNE® 50 company that serves approximately 13 million customers a week at more than 1,400 home improvement stores in 49 states. Based in Mooresville, N.C., the 60-year old company is the second-largest home improvement retailer in the world. For more information, visit Lowes.com.
Contacts GE
Mike Ettlemyer, 203-585-6791
or
Lowe's
Chris Ahearn, 704-758-2304
Stephen White