Mumbai, May 20, 2005: GE Money, the new global brand name for GE Consumer Finance, is targeting growth in India and has embarked on a major retail finance expansion. From a current presence of 118 branches in 50 cities, GE Money is expanding its presence to 228 branches across 110 cities. The company is investing Rs. 45 crore ($10M) towards this expansion.
GE Money is one of General Electric's largest growth engines globally and is the fastest growing GE business. The GE Money brand was launched in India in December 2004, as part of a global re-branding exercise from GE Consumer Finance across all 47 countries where GE Consumer Finance operates. India is one of the first countries globally and the first country in Asia to adopt the new branding.
The GE Money brand was initially used for its Housing Finance product and Personal Loan "A" Category (PLA) targeted at high net worth individuals. All existing GE Countrywide products -- Auto Loans (New & Used Cars), Consumer Durable Loans, Two Wheeler Loans, Personal Loans and Home Equity-Loans against Property -- are also being consolidated under the GE Money umbrella brand. This rebranding is targeted to be completed by October 2005. The joint ventures with SBI Card and Maruti will continue to use their existing branding.
The decision to expand GE Money's retail presence in India follows the identification of India as one of GE Money's four focus developing markets. The four "BRIM" focus markets are Brazil, Russia, India and Mexico. India's position in this group is particularly noteworthy because Asia today is the fastest growing region for GE Money, where the business has registered a growth rate of 83% in 2004.
With more than $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, Connecticut (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 at http://geconsumerfinance.com.
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.
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