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GE Capital

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GE Capital
Company typeSubsidiary
IndustryFinancial services
Founded1932(1932)
DefunctMarch 31, 2024(2024-03-31)
FateDissolved
Successor
Headquarters
Norwalk, Connecticut
,
United States
Area served
Worldwide
Key people
Alec Burger (chairmanandCEO)
ParentGeneral Electric
Websitewww.gecapital

GE Capitalwas thefinancial servicesdivision ofGeneral Electric.[1]Its various units were sold between 2013 and 2021, including the notable spin-off of the North American consumer finance division asSynchrony Financial.Ultimately, only one division of the company remained,GE Energy Financial Services,which was transferred toGE Vernovawhen General Electric was broken up.

Overview

[edit]

On July 8, 2013, the Financial Stability Oversight Council designated GE Capital as a "systemically important financial institution",which makes it subject to oversight by the Federal Reserve.[2]

In 2014, GE Capital had 35,000+ employees worldwide, operating in more than 40 countries, with total assets of US$499 billion.[3]It was rated AA+ with stable outlook by S&P in 2012.[4]

GE Capital's subsidiaries also operated under the GE Money brand.[5]

Restructuring plan

[edit]

On April 10, 2015,Jeffrey R. Immelt,the CEO ofGeneral Electric,announced that GE would sell most of GE Capital over the next two years.[6]

The following areas were sold:

Current operations

[edit]

GE Energy Financial Services provides commercial lending and leasing, as well as a range of financial services forcommercial aviation,energy,and support for GE's industrial business units.[citation needed]

Former operations

[edit]

Australia

[edit]

InAustralia,the GE Money brand encompassed the GE Consumer Finance and GE Capital Finance businesses. The company provided car, boat, personal and consolidationloans,credit cards, mortgages andinsurance.

In May 2002, GE purchased theAustralian Guarantee Corporation(AGC) business fromWestpac,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.[28]

GE Consumer Finance controlled most credit cards and loans and has a strategic partnership withColes Groupto operate the Coles Group Source MasterCard. GE Consumer Finance governs the GE Creditline, GO MasterCard, gem Visa and Buyer's Edge cards which all offer interest-free terms at participating retailers.

GE Finance also had strategic financial relations withMyer,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 Coles Myer Group.[citation needed]

In 2004, GE Capital Finance purchased theWizard Home Loansbusiness.[29]

On 24 October 2008, GE Money announced that it would cease offering motor finance in Australia and New Zealand. This move proved 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 December 2008, GE Money announced it was in advanced talks with theNational Australia Bankto sell the Wizard brand. Ultimately, Wizard was bought by theCommonwealth Bank.[30]

In 2015, GE Capital sold its Australian and New Zealand business to a consortium led byDeutsche Bank,KKRand Värde Partners.[31]The business was renamedLatitude Financial Serviceswith Sean Morrissey appointed as its new CEO.[32]

Austria

[edit]

Austria's GE Money (formerly GE Capital Bank) was founded in 1994 after the successful acquisition and merger of Mercurbank and AVABANK. Today, it is one of Austria's leading consumer and auto finance businesses and a market leader in retail sales financing. Based in Vienna, with a network of branches throughout the country, the business provides a variety of innovative financial services including auto lending, private lending, sales finance and third party personal lending. The primary focus is on consumers, customers and business partners, such as car dealers, retailers and loan brokers.

The Austrian division was purchased, along with the German, Finnish and British store card operations of GE Money, by theSantander Groupin January 2009.[33]

Canada

[edit]

GE Money Canada provided 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 was a provider of alternative residential mortgages and patient financing through its CareCredit unit. It was part of theSynchrony Financialspinoff in 2014.

Czech Republic

[edit]

GE Money Bank (formerly GE Capital Bank) was a significant institution in the Czech Republic. It was founded in 1997, after the acquisition of Agrobanka bank as GE Capital Bank. In the year 2000, it changed the name to GE Money Bank. It went through an IPO in 2016 and operates under the new name of Moneta Money Bank. It is a full-service bank with an extensive network of branches and ATMs. Its services focus both on retail clients and small and medium-sized enterprises. Its headquarters are located inPrague.Its call center operates fromOstrava.

Denmark

[edit]

GE Money Bank Denmark (previously GE Capital Bank Denmark) offered credit cards, loans and other financial solutions. Brand names included Acceptcard, Morecard and E-lån. In 2014, GE Capital sold its Scandinavian operations toSantander.[34]

France

[edit]

GE Money Bank France is born from the acquisition by GE of Crédit de l'Est and SOVAC in 1995. It provides real-estate mortgages and auto loans.[35]GE Capital sold GE Money Bank France toCerberus Capital Managementin 2016.[36]

Hong Kong

[edit]

GE Capital was incorporated as a Restricted License Bank inHong Kong.Its major focus was in mortgages (homes and automobile) and personal loans. GE Capital sold its Hong Kong operations toStandard Chartered.[37]

Hungary

[edit]

Budapest Bank,was established in 1987 as one of the first commercial banks when thetwo-tier banking systemwas created in Hungary. Since 1995,GE(General Electric Company) as owner provided solid background for the bank. Budapest Bank offered a full range of financial and banking services for consumers and small and medium-sized businesses. Budapest Bank was sold toMFBin 2014.[38]

India

[edit]

GE had more than 118 branches in India as of July 2006. Most of these are in the southern states. There were branches in Coimbatore, Erode, Salem Saradha, Trichy, Madurai, Tanjore, Palaghat, Hyderabad, Trivandrum, Rajamundhry, Kakinada, Vizag, Vijaywada, Hubli, Dharwad and Belgaun. GE was the first BPO's in Hyderabad. GE Capital sold its Indian housing finance business toMagma Fincorp;in 2012, it sold the remains loan portfolio tocliq capital,and exited the credit card joint ventureSBI CardwithState Bank of India,leaving SBI in place[39]

Italy

[edit]

In 2008, GE Capital acquiredInterbanca,a merchant banking firm fromBanco Santander,in exchange for GE Capital businesses in Germany, Finland, Austria, and the UK. In May 2015, GE appointedDeutsche Bankto sell the bank, then had a net assets of over€1,000,000,000.[40]In 2016,Banca IFISacquired Interbanca for €160 million, with an obligation to repay the inter-company debt to GE.[41]

Ireland

[edit]

GE Money Ireland was part of the European operations of GE Consumer Finance. In theRepublic of Ireland,GE Money provided specialised financing and services such asleasing,hire purchase,mortgagesandloanstobusinessesand individuals across the country. With headquarters inDublin,GE Money serviced itscustomersthrough regionalsalescentres and adealerandpartnernetwork.[42]GE sold its Irish loan portfolio toPepper Home Loansin 2012.[43]

Latvia

[edit]

GE Money Bank Latvia was a universal bank owned by GE inLatvia(merged from the former BTB bank and GE Money financial company[44]), offering loan and deposit products to both private and legal entities. It was acquired byOtkritie FC Bankin 2011.[45]

Japan

[edit]

GE Consumer Finance Co., Ltd(Japanese:GEコンシューマー・ファイナンス kabushiki gaisha,Hepburn:Jī Ī Konshūmā Fainansu Kabushikigaisha)is part of the Japanese operation of GE Consumer Finance. From April 2005, it began to provide GE Money brand in Japan. In 2008, GE was crowned In-House of the Year - Japan In-House Lawyer of the Year by the2008 ALB Japan Law Awards.[46]The Japanese operation was sold toShinsei Bankin 2008.[47]

Netherlands

[edit]

GE Artesia Bank,a part of GE Capitals subsidiaryGE Commercial Finance,offered banking services toHigh-net-worth individualsas well as corporates in theNetherlands.It provided capital finance, long-term finance, leasing and finance for specific international trade transactions. It closed in 2015.

New Zealand

[edit]

In 2002, GE Finance purchased Australian Guarantee Corporation'sNew Zealand-based finance company to create the AGC Creditline Card (now GEM Visa Card), which provides financing for retailers. In 2006 GE Money New Zealand purchased Pacific Retail Finance (PRF), New Zealand's largest personal consumer finance company, and the mortgage assets ofSuperbank,a supermarket-based banking system.

On 24 October 2008, GE Money announced that it was pulling out of theNew Zealandvehicle finance market, with the loss of 80 staff.[48]It attributed this decision to thecredit crunch.

On 15 December 2008, GE Money announced it would no longer be offering home loans through Wizard Home Loans and was seeking a buyer.

In 2015, GE Capital sold its Australian and New Zealand business to a consortium led byDeutsche Bank,Kohlberg Kravis Roberts,andVärde Partners.[31]

Norway

[edit]

GE Money Bank Norge was a division of the Stockholm-based Swedish subsidiary GE Capital AB. It was a leading provider of consumer finance products in Norway with more than 300,000 clients and total lending of NOK 5 billion, second only to the major domestic bankDnB NOR.

It was the second bank inNorwayto offer US stylecredit cardswith zero annual/monthly fee and including a grace period, after Bankia Bank ASA. In the eighteen months following the launch of GEMasterCardin June 2001, the market increased to more than 100,000 US style credit cards. Before these cards, Norwegian banks only offered annual fee cards or cards with no interest free grace period.

In 2014, GE Capital sold its Scandinavian operations to Santander.[34]

Philippines

[edit]

GE Money, in an effort to expand its presence in Southeast Asia, acquired a majority stake in the now-defunct Keppel Bank Philippines which acquired what was formerly the Banco Monte De Piedad, the Philippines' first savings bank, established under Spanish era. The acquisition was finalized on December 20, 2005 after the Monetary Board of theBangko Sentral ng Pilipinasapproved the purchase on December 8, 2005. The bank was renamed GE Money Bank Philippines. GE Money Bank Philippines had 31 branches all over the Philippine archipelago. GE Money Bank Philippines was acquired byBDO Unibankin 2009.[49]

Poland

[edit]

PolishGE Money Bank S.A.was primarily headquartered inGdańskprior to December 31, 2009.BPH SA(BankPrzemysłowo-Handlowy) is a Polish financial institution 89% owned byGE Money Bank(prior to 2008 the largest shareholder wasUniCredit), employing about 10,000 people. On 31 December 2009, Bank BPH merged with GE Money Bank Polska. After the merging of the two brands, GE's Capital's Polish headquarters are located in three cities:Warsaw,KrakówandGdańsk.In October 2014, the bank's owner,General Electric,revealed it was considering selling the firm.[50]In November 2016, GE completed the spin-off and merger of Bank BPH's Core Bank to Alior Bank. GE Capital retained the Bank BPH legal entity, including its mortgage business.[51]

Romania

[edit]

In Romania GE Capital has two subsidiaries:

  • GE Money,a personal finance and leasing company.
  • GE Garanti Bank,a bank detained by GE Capital in a joint venture with Garanti Bank International from Turkey. GE Garanti is located in Bucharest.

GE Capital sold its Romanian operations toGaranti Bankin 2010.[52]

Russia

[edit]

RussianGE Money Bank Russiawas located inMoscow.It was sold toSovcombankin 2013.[53]

Sweden

[edit]

The Swedish subsidiary wasGE Capital Bank AB.Based inStockholm,the bank traded asGE Money Bank.In 2014, GE Capital sold its Scandinavian operations to Santander.[34]

Switzerland

[edit]

GE Money Bank was the largest provider of small consumer credits in Switzerland. In 2006, the company partnered withMigros,allowing them to offer credit cards contracts through Migros. The Bank is nowCembra Money Bank[54]and went public through aninitial public offering(IPO) in 2013.[55]

United Kingdom

[edit]

In the United Kingdom, GE Money provided mortgages and secured loans through the former First National, acquired fromAbbey National,and offered 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.[56]It was announced on 29 March 2008 that the GE Capital Bank store cards business and managed credit card business had been acquired by theSantander Group.[57]In 2015, GE sold its mortgage loans in sales to Kensington Mortgage (controlled byBlackstoneandTPG) and to funds managed by Blackstone, TPG and CarVal Investors.[58][59]Afterwards, the company ceased taking new loans.[60]

United States

[edit]
Main article:Synchrony Financial

Before June 2, 2014, GE Capital Bank was made up of retail and commercial banks. The company was founded in 1988 and is based in Draper, Utah. GE Capital Retail Bank provided retail banking and credit services to consumers in the United States and internationally. It offered retail sales finance, such as private label credit card programs, installment lending, bankcards, and financial services for consumers. The company also provided retail consumer financing solutions, such as private label credit cards, dual card, flex loans, and all-tender loyalty and gift cards; It offered its products and services through dealers, retailers, associations, contractors, manufacturers, healthcare practices, and service providers. The company was formerly known as GE Money Bank and changed its name to GE Capital Retail Bank in October 2011. GE Capital Retail Bank operated as a subsidiary of General Electric Capital Corporation.[61]

GE Capital Retail Bank acquired MetLife Bank fromMetLifein 2011.[62]

As of June 2, 2014, GE Capital Retail Bank is now known as Synchrony Bank.[63][64][65][66]GE Capital was then composed only of the original commercial/industrial bank in the United States.[67]GE Capital provided credit services solely to businesses and merchants in the United States, and acts as a multi-product commercial finance bank, and uses deposit Accounts to fund commercial loans and leases. The company served various industries, such as automotive, consumer electronics, flooring, healthcare, home furnishings and improvement, HVAC, elective health care, jewelry, landscaping and irrigation, luxury goods, marine, music, outdoor power equipment, pool and spa, power sports, recreation vehicle, sewing, sporting goods, travel, vacuum, and water treatment industries. GE Capital Bank was a member of the Federal Deposit Insurance Corporation (FDIC). GE Capital Bank was sold toGoldman Sachsin 2016.[68]

GE Capital ownedWMC Mortgagefrom 2004 to 2007.[69]The company briefly ownedKidder, Peabody & Companyfrom 1986 until its sale toPaineWebberin 1994.[70][71][72]

The capital group also had its hand in broadcasting throughout the early 1990s to own radio and television stations. The company first purchased Pegasus Broadcasting, who owns three television stationsWJBF-TV,WAPA-TVandKSCH-TVin 1990.[73][74]The company next purchasedCBSaffiliateWCSC-TVin 1991,[75]and radio stationsKMOW-AMandKEYI-FMin Austin later that year.[76]

The capital quit broadcasting in stages, starting with the sale of radio stations in Austin to Mercury Broadcasting in 1991,[77]then the sale ofWJBF-TVtoSpartan Communicationsin 1992,[78]followed by the sales ofWCSC-TVtoJefferson-Pilot Communicationsin 1993[79]andKSCH-TVto Wing Fat, through a group Channel 58 Inc. in 1994,[80]and five years later, sold its final stationWAPA-TVtoLIN Television Corporationin 1999.[81]

[edit]

In April 1997, a lawsuit against General Electric Capital Corp was filed on behalf of the company's customers who filed forbankruptcy.The GE Capital Corp. was accused of unfairdebt collectionpractices. Theclass actionlawsuit resulted in $100 million settlement with over 100,000 class members from 50 states.[82]Plaintiffs claimed that the company solicited agreements from bankrupt debtors to repay their credit card debts but failed to notify bankruptcy court of the agreement. Thosereaffirmation agreementslegally required the debtors to continue paying off their debt in exchange for keeping the credit card, even though bankruptcy erasescredit card debts.The lawsuit claimed that GE Capital was required by law to file the agreements with bankruptcy courts and did not do so. As part of the settlement, the company agreed to refund, with interest, all credit card payments made after debtors entered into the reaffirmation agreements between January 1, 1993, and June 30, 1997. GE Capital Corp. also promised to advisecredit bureausto correct any negativecredit reportsrelated to class members’ failure to repay reaffirmed debt.[83]

In June 2014, Synchrony Bank, formerly GE Capital Retail Bank, agreed to settle claims of illegal credit card practices that were filed by the federalConsumer Financial Protection Bureauand theUnited States Justice Departmentby agreeing to pay $225 million to Spanish speaking consumers that were harmed by discriminatory practices and deceptive marketing. The bank was also required to pay an additional $3.5 million in civil penalties to the CFPB's Civil Penalty Fund for deceptive credit card marketing.[64][65]

Divestment

[edit]

On March 13, 2014, GE Capital announced that it would spin its North American consumer finance division off under the new nameSynchrony Financialthrough aninitial public offering(IPO).[84]On July 31, 2014, Synchrony Financial raised $2.9 billion in its IPO when GE sold 125 million shares (15%) of the company.[85]

On April 10, 2015, it was announced that GE would sell most of GE Capital's commercial and consumer businesses within two years, focusing instead on its leasing businesses connected with GE's manufacturing businesses. The company reached an agreement to sell the majority of its property business toWells FargoandBlackstone,valued at $26.5 billion.[86][87]GE Chairman and CEO, Jeff Immelt, announced the plan in a letter to shareholders. It is "a big change for GE," but he said it is "right for the company." Under the plan, Immelt said that GE expects more than 90% of its earnings will be generated by its industrial businesses by 2018, up from 58% in 2014. GE Capital, meanwhile, will make up 10% of the company's revenues by 2018, down from 46% in 2001.[88]Shareholders applauded the announcement, pushing shares in G.E. up nearly 11 percent, to $28.51, levels unseen since the financial crisis. However, the downsizing is no small matter for a company whose empire encompasses 175 countries and employs about 305,000 people.

In June 2015, theCanada Pension Plan Investment Boardannounced it would acquire GE Capital's private equity lending portfolio for $12 billion.[89]

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[edit]
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