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Established Contributor
corymcd88
Posts: 837
Registered: ‎12-12-2011
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GE Capital

I was reading that they are selling off their cc's to a different bank. Has anyone know or heard of this?

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09Lexie
Posts: 25,350
Registered: ‎09-13-2012
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Re: GE Capital


corymcd88 wrote:

I was reading that they are selling off their cc's to a different bank. Has anyone know or heard of this?


Selling to Synchorony Financial.

 

http://www.reuters.com/article/2014/03/13/us-general-electric-ipo-idUSBREA2C0RZ20140313

 

 

Moving to Credit in the News

Valued Contributor
gdale6
Posts: 9,261
Registered: ‎12-13-2013
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Re: GE Capital

I wont waste time retyping what is happening, it was lost because a mod decided to move this, you mods need to have this software updated so anyone posting at same time can still do so and not be kicked out. Its a spinoff, the current sharholders of GE will be getting = interest in the new company no one is buying anything.

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myjourney
Posts: 26,175
Registered: ‎02-07-2013
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Re: GE Capital

[ Edited ]

Actually it is a sale 

They have filed for an IPO of 20% to the public which means stockholders will own the company in general and GE will cut all ties other than the amount it gets from the sale which should lift GE stock due to the IIRC 16-18 billion sale 

https://eresearch.fidelity.com/eresearch/evaluate/news/basicNewsStory.jhtml?symbols=GE&pageno=&story...

 

https://eresearch.fidelity.com/eresearch/evaluate/news/basicNewsStory.jhtml?symbols=GE&pageno=&story...

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Valued Contributor
pizza1
Posts: 1,231
Registered: ‎07-17-2013
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Re: GE Capital

So what does this mean for future cli with current GE backed cards like Walmart etc. do you guys think??
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myjourney
Posts: 26,175
Registered: ‎02-07-2013
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Re: GE Capital

Hard to say:smileysad:

Right now GE wants to make the portfolio look as profitable as possible to attract investors 

Which means watching every dime until stock opening date so they may get a little stingy...

We shall see

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Senior Contributor
Wanderer
Posts: 4,109
Registered: ‎10-03-2008
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Re: GE Capital

Thanks for the head's up!
New Member
KEJ36
Posts: 3
Registered: ‎01-21-2013
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GE RETAIL CAPITAL IS SELLING OFF IT'S CREDIT CARD DIVISION

A article last month stated that ge capital is selling off its credit card division. From my understanding jp morgan chase and a couple of other banks are buying some of its credit accounts and will be in effect by the end of the year. So i wonder is this the end of the credit limit increases?

Regular Contributor
NWintellectual
Posts: 201
Registered: ‎12-11-2013
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Re: GE RETAIL CAPITAL IS SELLING OFF IT'S CREDIT CARD DIVISION

They're not selling off the company, they're spinning them off into their own standalone publicly-traded company called Synchrony Financial. Same company, different name (the people who worked for GERCB today, will go to Synchrony next year).

 

http://www.reuters.com/article/2014/03/13/us-general-electric-ipo-idUSBREA2C0RZ20140313

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KEJ36
Posts: 3
Registered: ‎01-21-2013
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Re: GE RETAIL CAPITAL IS SELLING OFF IT'S CREDIT CARD DIVISION

THANKS FOR CLARIFYING THAT.


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