Chennai, September 1, 2005 -- GE Consumer Finance, the global consumer-lending unit of the General Electric Company (GE) and its third-biggest division, today announced the launch in Chennai of GE Money, the new global umbrella brand for all GE businesses providing consumer financial services. With this launch all existing GE Countrywide products will henceforth go to market as GE Money.
The move is part of a global re-branding exercise to GE Money across all 47 countries where GE Consumer Finance operates. India is one of the first countries globally and the first in Asia to adopt the new branding.
The GE Money brand was introduced in India in December 2004 with the launch of two new products Home Loans and Personal Loans targeted at affluent individuals. Now, 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. The joint ventures with SBI Card and Maruti will continue to use their existing branding, which enjoy a strong consumer mind space.
GE Money now operates a consolidated balance sheet in India, incorporating all its businesses and currently has Rs. 5,600 crore ($1.3 billion) in consumer finance assets.
Vishal Pandit, President & CEO, GE Money India said, "South India represents a significant and strategic area of growth potential for GE Money. Chennai houses our main centralised operations centre given the fantastic process orientation and work culture here. In addition, we have been growing at 35% and we expect this growth to accelerate. The evolution of a younger, affluent working class is triggering a consumer boom that is fuelling economic growth. Individuals today are less averse to seeking credit to live a better lifestyle than ten years ago. The resulting increased purchasing power and consumption patterns are changing the aspirations of people and GE Money is helping these consumers realise their dream, be it the purchase of a new home, a new car, a new appliance for their home or just a personal loan to tide over expenses for a special occasion. This is evident from the growth of our customer base in South India, which is growing by more than 60% over last year."
He added, "Now, a loan is just a phone call away and with our robust technology systems we are processing 240,000 applications a month, which means there is a customer applying to us every ten seconds. We are therefore extremely bullish on the opportunities for growth in consumer finance in India. Our triple AAA rating allows us access to lower cost of funds thereby enabling our pricing to be very competitive. We expect to grow our assets by three times over the next three years."
GE Money represents imagination at work -- a new more intimate way of doing business; the ability to say yes, so people have faster access to cash. Convenience and flexibility are important brand attributes for GE Money. GE Money sees service and customer experience as key differentiators, which is why it is unfolding a new nation-wide "Happy 2 Help" service commitment including the launch of toll-free numbers: 1-600-1801275 and 39022000 as well as a new interactive website, www.gemoney.in which allows customers to get full information on GE Money products, branches, EMI calculators and also send in requests for further information or assistance.
Elaborating, Mr. Pandit said, "We are continuously seeking to enrich our customers" experience when they come to GE Money. "Happy 2 Help" is a customer service attitude we are assiduously integrating across our operations in India through which we have centralised our operations. Our customers can now use a variety of convenient options available to them to seek information about their loan account with GE Money. They can either walk in to their nearest branch, fill in a feedback form or simply pick up a telephone at special customer service areas in each branch and get their query attended to immediately. Alternatively, they can call our toll-free numbers from anywhere in India or reach us through our new website."
The transition to GE Money is being supported by a nationwide expansion of its branches from its current position of 118 branches in 60 cities, to 200 branches across 110 cities. GE Money is expanding its presence across South India from 28 to 54 branches. 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.
The new brand identity is transforming signage at GE Money's branches across Chennai and other parts of South India. Advertising, publicity, new product rollouts and significant employee activities are complementing the transition to GE Money. The new look of the GE Money brand is clean, transparent and displayed in a bright, graphic manner. It is simple and optimistic and showcased in consumer literature to communicate the brand values of speed, ease, accessibility, flexibility, trustworthiness and value.
GE Money is one of the leading providers of financial services to consumers and retailers in India, offering a range of innovative financial products to suit its customers needs. It has a strong retail distribution network in over 5,500 outlets across 60 locations and is a leader in a wide range of products including car finance, two wheeler finance, consumer durable finance, personal loans and home equity that are currently offered under the brand name GE Countrywide. In December 2004, GE Money Home Loan and GE Money Personal Loan were launched. Strong operations backed by the latest information technology support the product lines. Its CRM program is among the most successful customer retention programs in India and a single database housing nearly 2.4 million customer accounts, latest technology and centralized operations ensure the best service standards in the industry. With strong joint venture partners in Maruti and State Bank of India with 1.8 million cardholders, GE Money continues to add value to its customers and partners in India.
GE Consumer Finance is a leading provider of credit services in 47 countries, with assets of $151 billion. GE Consumer Finance meets the needs of over 118 million customers worldwide with products including private label credit cards and promotional retail finance to the world's leading retailers and manufacturers, personal loans, auto financing, corporate cards for commercial customers, and mortgages. GE Consumer Finance, headquartered in Stamford, Connecticut, is a business unit of General Electric Company.
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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