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Stamford, CT, United States, 2011/01/19 - New long term agreement will broaden US retail card business and accelerate growth in core US business for GE Capital (NYSE: GE - News). NYSE: GE
GE Capital Retail Consumer Finance, a consumer lending unit of General Electric Company, today announced a definitive multi-year agreement to provide the consumer credit card programs in the United States for The TJX Companies, Inc., the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. TJX operates over 2,000 T.J. Maxx, Marshalls and HomeGoods stores in the U.S.
The TJX Rewards credit card program will include the private label credit card and the co-branded MasterCard program, providing cardholders with benefits and convenience, as well as the opportunity to earn special rewards for cardholders. GE Capital will acquire the existing card program assets from JP Morgan Chase. Financial terms were not disclosed.
“This $400 million portfolio acquisition further demonstrates our commitment to the U.S. retail credit card space. The transaction, which we expect to close in the second quarter of 2011 and be immediately accretive, will broaden our portfolio with a terrific retailer and accelerate the growth of what is a high performing, core business for GE Capital,” said Margaret Keane, CEO and President of GE Capital Retail Consumer Finance.
About GE Capital Retail Consumer Finance
GE Capital Retail Consumer Finance (RCF) is a leading retail credit provider with over 40 million account holders and more than $28 billion in assets. The business, which originates loans as a unit of GE Money Bank, provides private label credit card programs, bankcards, and financial services for consumers – retail-branded through its retail partners.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital). GE (ge.com) is a diversified infrastructure, finance and media company that is taking on the world’s toughest challenges. GE operates in more than 100 countries and employs about 300,000 people worldwide.
Dori Abel, GE Capital Retail Consumer Finance
P: 203-585-6702 / E: dori.abel[.]ge.com.