GE Consumer Finance
Encyclopedia
GE Money is part of GE Capital
operating division of General Electric
. The division, headquartered in London, claims 130 million global customers 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 loan
s, and credit insurance.
, GE Consumer Finance is one of the largest issuers of private label (store) credit cards for a number of U.S. retailers. For many years, the servicing arm for the private label credit cards was known as Monogram Credit Card Bank of Georgia (MCCBG). Other products available in this market include GE Money Savings and the GE Money Mastercard.
's New Zealand
-based finance company to create the AGC Creditline Card (now GE Creditline Card), which provides financing for retailers such as Harvey Norman
. In 2006 GE Money New Zealand purchased Pacific Retail Finance (PRF), New Zealand's largest personal consumer finance company, and the mortgage assets of Superbank
, a supermarket-based banking system.
On Friday, 24 October 2008 GE Money announced that it was pulling out of the New Zealand vehicle finance market, with the loss of 80 staff. It attributed this decision to the credit crunch
.
December 15, 2008, GE Money announces it will no longer be offering home loans through Wizard Home Loans and is now looking for a buyer, which at the current moment cannot be found.
March 2009, GE Money announced it will be closing its branch network throughout New Zealand, resulting in a loss of 70 positions, however they were expanding their 'Direct Sales' (telephone roles) by 30, therefore only having to reduce over all numbers by 40.
, the GE Money brand encompasses the GE Consumer Finance and GE Capital Finance businesses. The company provides car, boat, personal and consolidation loans, credit cards, mortgages and insurance
.
At the end of 2002 to beginning of 2003 GE purchased the Australian Guarantee Corporation
(AGC) business from Westpac Banking Corporation, and as a result, AGC Automotive Finance became GE Automotive Finance (GE Auto), and former retail finance competitor, AGC Creditline, became known as GE CreditLine.
GE Consumer Finance controls most credit cards and loans and has a strategic partnership with Coles Group
to operate the Coles Group Source MasterCard. GE Consumer Finance governs the GE Creditline, GO Mastercard and BuyersEdge cards which all offer interest free terms at participating retailers.
GE Finance also has strategic financial relations with Myer
, Australia's largest department store. In 2006 and 2007 Myer signed contracts with GE to issue and govern both the new Myer Card and the Myer Visa Card. GE was also the issuer of the old red ColesMyer card which is no longer an acceptable method of payment of Myer
stores, this is following the decision of Myer being disenfranchised from the ColesMyer group.
In 2004, GE Capital Finance purchased the Wizard Home Loans business.
On the 24th of October 2008, GE Money announced that it will cease offering motor finance in Australia and New Zealand. This move has proven damaging to GE aligned dealerships who have been given 60 days to find an alternate financier to provide floorplan finance. GE Money also announced that it will be pulling out of the mortgage industry and no longer providing mortgages other than those sold under the Wizard Brand.
In Mid December 2008, GE Money announced it is in advanced talks with the National Australia Bank
(NAB) to sell the Wizard Brand; NAB also announced that it may be in the 2009 budget to purchase the existing loan book.
. It also operates the Moneybasics money advice site with the charities Credit Action
and the Consumer Credit Counselling Service. It provides mortgages and secured loans through FirstNational (acquired from Abbey National
) and offers these through intermediaries. On 25 September 2008, it was announced that the UK Financial Services Authority had fined GE Money Home Lending £1.1 million for failings in its systems, which caused it to overcharge borrowers. It was announced on 29 March 2008
that GE Capital Bank store cards business (Arcadia Group amongst others) and managed credit card business, including the PayPal
credit card, has been acquired by Santander Group.
, GE Money provides specialised financing and services such as leasing
, hire purchase
, mortgages and loans to businesses
and individuals across the country. With headquarters in Dublin, GE Money services its customers through regional sales
centres and a dealer
and partner
network.
in 2008. In 2008 GE was crowned In-House of the Year - Japan In-House Lawyer of the Year by the 2008 ALB Japan Law Awards.
approved the purchase on December 8, 2005. The bank was renamed GE Money Bank Philippines. At present, GE Money Bank Philippines has 31 branches all over the Philippine archipelago.
GE Capital
GE Capital is the financial services unit of General Electric, one of five major units. Its various divisions include GE Capital Aviation Services, GE Capital Real Estate, GE Energy Financial Services and GE Money....
operating division of General Electric
General Electric
General Electric Company , or GE, is an American multinational conglomerate corporation incorporated in Schenectady, New York and headquartered in Fairfield, Connecticut, United States...
. The division, headquartered in London, claims 130 million global customers 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
Debt consolidation
Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan....
and home equity loan
Home equity loan
A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. These loans are useful to finance major expenses such as home repairs, medical bills or college education...
s, and credit insurance.
United States
In the United StatesUnited States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, GE Consumer Finance is one of the largest issuers of private label (store) credit cards for a number of U.S. retailers. For many years, the servicing arm for the private label credit cards was known as Monogram Credit Card Bank of Georgia (MCCBG). Other products available in this market include GE Money Savings and the GE Money Mastercard.
Canada
[GE Money - Canada] provides private label credit card and MasterCard card programs to consumers and lending options for retailers in key industries across the country. GE Money-Canada also is a provider of alternative residential mortgages and patient financing through its [CareCredit] unit.New Zealand
In 2002 GE Finance purchased Australian Guarantee CorporationAustralian Guarantee Corporation
Founded in 1925, AGC was Australia's oldest national finance company. AGC offered a range of finance, investment and insurance products and were market leaders in equipment finance, cashflow finance, motor vehicle and personal finance.- Origins :...
's New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
-based finance company to create the AGC Creditline Card (now GE Creditline Card), which provides financing for retailers such as Harvey Norman
Harvey Norman
Harvey Norman is a large Australian-based retailer of electrical, computer, furniture, entertainment and bedding goods. It is effectively a franchise and the main brand owned by Harvey Norman Holdings Limited...
. In 2006 GE Money New Zealand purchased Pacific Retail Finance (PRF), New Zealand's largest personal consumer finance company, and the mortgage assets of Superbank
Superbank
Superbank was a joint venture retail bank in New Zealand operated by St George Bank in association with the New Zealand grocery retailer Foodstuffs that operated between 2003 and 2006....
, a supermarket-based banking system.
On Friday, 24 October 2008 GE Money announced that it was pulling out of the New Zealand vehicle finance market, with the loss of 80 staff. It attributed this decision to the credit crunch
Credit crunch
A credit crunch is a reduction in the general availability of loans or a sudden tightening of the conditions required to obtain a loan from the banks. A credit crunch generally involves a reduction in the availability of credit independent of a rise in official interest rates...
.
December 15, 2008, GE Money announces it will no longer be offering home loans through Wizard Home Loans and is now looking for a buyer, which at the current moment cannot be found.
March 2009, GE Money announced it will be closing its branch network throughout New Zealand, resulting in a loss of 70 positions, however they were expanding their 'Direct Sales' (telephone roles) by 30, therefore only having to reduce over all numbers by 40.
Australia
In AustraliaAustralia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
, the GE Money brand encompasses the GE Consumer Finance and GE Capital Finance businesses. The company provides car, boat, personal and consolidation loans, credit cards, mortgages and insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
.
At the end of 2002 to beginning of 2003 GE purchased the Australian Guarantee Corporation
Australian Guarantee Corporation
Founded in 1925, AGC was Australia's oldest national finance company. AGC offered a range of finance, investment and insurance products and were market leaders in equipment finance, cashflow finance, motor vehicle and personal finance.- Origins :...
(AGC) business from Westpac Banking Corporation, and as a result, AGC Automotive Finance became GE Automotive Finance (GE Auto), and former retail finance competitor, AGC Creditline, became known as GE CreditLine.
GE Consumer Finance controls most credit cards and loans and has a strategic partnership with Coles Group
Coles Group
Coles Group Limited was an Australian public company that operated numerous retail chains. It was Australia's second-largest retailer, behind Woolworths Limited...
to operate the Coles Group Source MasterCard. GE Consumer Finance governs the GE Creditline, GO Mastercard and BuyersEdge cards which all offer interest free terms at participating retailers.
GE Finance also has strategic financial relations with Myer
Myer
Myer is Australia's largest department store chain, retailing a broad range of merchandise including women's, men's and children's clothing, footwear and accessories; cosmetics and fragrance; homewares; electrical; furniture and bedding; toys; books and stationery; food and confectionery; and...
, Australia's largest department store. In 2006 and 2007 Myer signed contracts with GE to issue and govern both the new Myer Card and the Myer Visa Card. GE was also the issuer of the old red ColesMyer card which is no longer an acceptable method of payment of Myer
Myer
Myer is Australia's largest department store chain, retailing a broad range of merchandise including women's, men's and children's clothing, footwear and accessories; cosmetics and fragrance; homewares; electrical; furniture and bedding; toys; books and stationery; food and confectionery; and...
stores, this is following the decision of Myer being disenfranchised from the ColesMyer group.
In 2004, GE Capital Finance purchased the Wizard Home Loans business.
On the 24th of October 2008, GE Money announced that it will cease offering motor finance in Australia and New Zealand. This move has proven damaging to GE aligned dealerships who have been given 60 days to find an alternate financier to provide floorplan finance. GE Money also announced that it will be pulling out of the mortgage industry and no longer providing mortgages other than those sold under the Wizard Brand.
In Mid December 2008, GE Money announced it is in advanced talks with the National Australia Bank
National Australia Bank
National Australia Bank is one of the four largest financial institutions in Australia in terms of market capitalisation and customers. NAB is ranked 17th largest bank in the world measured by market capitalisation...
(NAB) to sell the Wizard Brand; NAB also announced that it may be in the 2009 budget to purchase the existing loan book.
United Kingdom
In the United Kingdom GE operates a number of credit cards and store cards, particularly ones offered by Arcadia GroupArcadia Group
The Arcadia Group Limited a British company that owns the high street clothing retailers Burton, Dorothy Perkins, Evans, Miss Selfridge, Topman, Topshop, Wallis and BHS, and the out of town chain Outfit, which sells lines from the other group chains...
. It also operates the Moneybasics money advice site with the charities Credit Action
Credit Action
Credit Action is a UK charity founded in 1994 that promotes money education and financial literacy. Credit Action works with government, regulators and the lending industry and has a close partnership with the Consumer Credit Counselling Service , a debt counseling and management service.The...
and the Consumer Credit Counselling Service. It provides mortgages and secured loans through FirstNational (acquired from Abbey National
Abbey National
Abbey National plc was a UK-based bank and former building society, which latterly traded under the Abbey brand name. It became a wholly owned subsidiary of Grupo Santander of Spain in 2004, and was rebranded as Santander in January 2010, forming Santander UK along with the savings business of the...
) and offers these through intermediaries. On 25 September 2008, it was announced that the UK Financial Services Authority had fined GE Money Home Lending £1.1 million for failings in its systems, which caused it to overcharge borrowers. It was announced on 29 March 2008
that GE Capital Bank store cards business (Arcadia Group amongst others) and managed credit card business, including the PayPal
PayPal
PayPal is an American-based global e-commerce business allowing payments and money transfers to be made through the Internet. Online money transfers serve as electronic alternatives to paying with traditional paper methods, such as checks and money orders....
credit card, has been acquired by Santander Group.
Republic of Ireland
GE Money Ireland, is part of the European operations of GE Consumer Finance. In the Republic of IrelandRepublic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
, GE Money provides specialised financing and services such as leasing
Leasing
Leasing is a process by which a firm can obtain the use of a certain fixed assets for which it must pay a series of contractual, periodic, tax deductible payments....
, hire purchase
Hire purchase
Hire purchase is the legal term for a contract, in this persons usually agree to pay for goods in parts or a percentage at a time. It was developed in the United Kingdom and can now be found in China, Japan, Malaysia, India, South Africa, Australia, Jamaica and New Zealand. It is also called...
, mortgages and loans to businesses
Company
A company is a form of business organization. It is an association or collection of individual real persons and/or other companies, who each provide some form of capital. This group has a common purpose or focus and an aim of gaining profits. This collection, group or association of persons can be...
and individuals across the country. With headquarters in Dublin, GE Money services its customers through regional sales
Sales
A sale is the act of selling a product or service in return for money or other compensation. It is an act of completion of a commercial activity....
centres and a dealer
Dealer
Dealer may refer to:* Antique dealer, someone who sells Antiques* Art dealer, gallerist, somebody or company that buys and sells art...
and partner
Business partner
Business partner is a term used to denote a commercial entity with which another commercial entity has some form of alliance. This relationship may be a highly contractual, exclusive bond in which both entities commit not to ally with third parties...
network.
Japan
GE Consumer Finance Co., Ltd (GEコンシューマー・ファイナンス株式会社) is part of the Japanese operation of GE Consumer Finance. From April 2005, it began to provide GE Money brand in Japan. The Japanese operation was sold to Shinsei BankShinsei Bank
is a Japanese commercial bank headquartered in Chiyoda, Tokyo.-History:Shinsei Bank is the successor of a trust bank, the Long-Term Credit Bank of Japan, which had a government monopoly on the issuance of many long-term debt securities...
in 2008. In 2008 GE was crowned In-House of the Year - Japan In-House Lawyer of the Year by the 2008 ALB Japan Law Awards.
Philippines
GE Money, in an effort to expand its presence in Southeast Asia, acquired a majority stake in the now-defunct Keppel Bank Philippines. The acquisition was finalized on December 20, 2005 after the Monetary Board of the Bangko Sentral ng PilipinasBangko Sentral ng Pilipinas
The Bangko Sentral ng Pilipinas and commonly abbreviated as BSP is the central bank of the Philippines. It was rechartered on July 3, 1993, pursuant to the provision of the 1987 Philippine Constitution and the New Central Bank Act of 1993...
approved the purchase on December 8, 2005. The bank was renamed GE Money Bank Philippines. At present, GE Money Bank Philippines has 31 branches all over the Philippine archipelago.