HONG KONG--(BUSINESS WIRE)--June 11, 2006--
GE Money Thailand Named Best Retail Non-Bank Financial Services Institution; GE Money Singapore Awarded Best Consumer Credit Product for ezyCash
GE Money was recognized for its leadership and innovation at this year's annual "Asian Banker Excellence in Retail Financial Services Awards", winning in 2 key categories -- Best Retail Non-Bank Financial Services Institution (GE Thailand) and Best Consumer Credit Product (GE Singapore for ezyCash). The industry awards, now in their fifth year, are organized by The Asian Banker and focus on "discovering the best retail financial institutions, products and processes in the region."
"GE Money's innovative strategies reflect the region's diverse consumer finance landscape and global approach," said Yoshiaki Fujimori, President and CEO of GE Money Asia, commenting on the double win. "We do not operate the same business model in every market but there is a central theme -- we do not buy growth, we grow what we buy."
GE Money has a global 10-year compound asset growth rate (CAGR) of more than 20 percent with net earnings surpassing USD 3 billion last year.
In Thailand, GE Money has grown from a single auto product portfolio to a leadership position across a wide range of consumer financial services, including credit cards, sales finance, auto financing, and personal loans.
Today GE Money is Thailand's biggest credit card issuer and retail partner of choice, with longstanding partnerships with Central Department store, Tesco, and Bank of Ayudhya. It is also the largest auto and motorcycle financier and a leading player in unsecured personal credit. Last January, GE Money added retail banking to its portfolio, building a new bank to offer the same flexibility and innovative spirit to banking customers in Thailand.
"GE Money has not only grown tremendously in this marketplace but also contributed to the successful development of the consumer finance industry in Thailand," said Piriyah Wisedjinda, CEO of GE Money Thailand. "For this reason, we are particularly proud of this industry award and wish to share this honor with our partners and Thai consumers."
Over the last year, the focus in Singapore for GE Money has been on an innovative unsecured personal loan product for consumers, "ezyCash" -- winner of this year's regional Best Consumer Credit Product award.
ezyCash was launched through a distribution partnership with Singapore Post as a first of its kind offering providing loan options to a segment of Singaporean consumers who previously did not have access to formal credit. With a customer-centric formula of convenient access (62 post offices and dozens of community kiosks across all of Singapore), ease of use (simple, user-friendly application process), speedy customer service (48 hour turnaround time), and strong responsible lending practices (focus on clear disclosures, credit worthiness and full understanding of financial commitment), consumer demand has far exceeded expectations.
"We are proud to have pioneered this partnership with Singapore Post to serve the financial needs of creditworthy consumers in Singapore who happen to earn a lower income," said Greg O'Callaghan, President and CEO of GE Money Singapore. "ezyCash has broken the mold for traditional personal loan products in Asia and is in fact now viewed within GE Money as a global best practice."
ABOUT GE CONSUMER FINANCE
With USD 163 billion in assets, GE Consumer Finance -- branded GE Money in Asia and a unit of General Electric Company (NYSE:GE - News) -- is a leading provider of credit services to consumers, retailers and auto dealers in approximately 50 countries around the world. GE Consumer Finance, based in Stamford, Connecticut, 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.geconsumerfinance.com.
ABOUT GE
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.
Contacts GE Money Asia
Jin Montesano, +662 627 4445
E-mail: [email protected]