Proceeds of transaction will be redeployed for higher returns
TOKYO, Japan -- September 22, 2008 -- GE Money, the consumer financial services unit of the General Electric Company (NYSE: GE), announced today it has concluded the Y580 billion (US$5.4 billion) sale of its Japanese consumer finance business to Shinsei Bank, a leading diversified Japanese bank. All closing conditions have been satisfied, including the receipt of all regulatory approvals.
GE Money Home Lending, one of the UK's leading specialist lenders, has appointed Ian Ferguson as its new Chief Operating Officer (COO), reporting to Colin Shave, CEO, GE Money Home Lending.
Ian has a wealth of industry experience, joining GE Money from Kensington Mortgages Ltd where he held the position of Chief Operating Officer. Prior to Kensington Ian held a number of senior industry positions, including Director for Corporate Planning and Delivery at Zurich Financial Services and Director of Mortgage Operations at Bradford and Bingley.
Multiple failed applications can be time consuming and, of course, can be detrimental to a borrower. With criteria changing regularly and the risk of decline increasing all the time, it is even more important that borrowers looking to obtain a mortgage use reputable mortgage professionals with broad experience, knowledge and systems at their disposal which will increase the chances of the borrower getting the deal they need."
"We are delighted to be working with Countrywide, the largest estate agency group and mortgage broker in the UK. In a difficult market, our broad range of non-conforming products will help consultants obtain mortgages for more of their clients enabling them to buy the house they want.
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KETTERING, OHIO -- August 6, 2008 -- GE Money and Felt Bicycles, a designer, manufacturer and distributor of premium bicycles and accessories, announced a multi-year agreement to provide consumer financing at Felt dealers nationwide. The GE Money Sport card, managed by GE Money's Sales Finance unit, provides cycling enthusiasts a revolving credit program with attractive rates and special promotions.
KETTERING, OHIO -- August 5, 2008 -- GE Money today announced a multi-year agreement with CertainTeed, North America's leading manufacturer of interior and exterior building products, to provide consumer financing through select contractors nationwide. The program was created in response to both CertainTeed-credentialed contractors and homeowners who have requested unsecured loan options to finance home improvement projects.
Online Training Resource Center Helps Businesses Improve Service and Satisfaction
KETTERING, Ohio --- August 4, 2008 --- Consumers are being more prudent about purchasing decisions and how to fit bigger-ticket items and services into their budget. Because a significant portion of sales involve financing, it is a necessary and natural part of the sales process and customer satisfaction. GE Money's Sales Finance unit has introduced its Web-based training library for business partners to better understand and effectively communicate financing to consumers.
"Cutting Edge" Program Offers Payment Options for Power Equipment Direct Purchases
KETTERING, Ohio ---July 28, 2008--- GE Money and Power Equipment Direct, a leading online outdoor power equipment (OPE) retailer, specializing in generators, pressure washers and air compressors, today announced a multi-year agreement on a credit program that provides flexible financing options for purchases of Power Equipment Direct products.
Ohio Furniture Retailer to Continue Successful Program
KETTERING, OHIO --- July 24, 2008 --- GE Money and Morris Furniture Co. Inc. today announced a multi-year extension of their consumer financing agreement, originally formed in 2000. The Morris Furniture Co. Inc.'s More for You credit program is managed by GE Money's Sales Finance unit and provides instant credit at the point of sale, a simplified application process and online account management.
