GE Capital

[corymcd88]

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

[09Lexie]

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@corymcd88 wrote:

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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Selling to Synchorony Financial.

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

Moving to Credit in the News

[gdale6]

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.

[myjourney]

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...

[pizza1]

So what does this mean for future cli with current GE backed cards like Walmart etc. do you guys think??

[myjourney]

Hard to say

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

[Anonymous]

Thanks for the head's up!

[KEJ36]

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?

[NWintellectual]

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

[KEJ36]

THANKS FOR CLARIFYING THAT.