GE Capital and J.C.Penney Company, Inc. announced Monday they have closed the previously announced sale of JCPenney’s private label credit card business and credit card service facilities to GE Capital. GE Card Services, a GE Capital company, will manage the portfolio.
In a related ten-year credit card services agreement, GE Capital will re-launch the JCPenney credit card and enhance its benefits for customers, provide more favorable repayment terms and introduce new marketing programs such as support for customers shopping on-line.
“With the closing behind us, GE Card Services is focused on the tremendous opportunities JCPenney represents. This retailer has recognized the value of private label credit since 1958. For all of JCPenney’s distribution channels and formats, including the Internet, our credit card program will build on the relationship consumers already have with JCPenney, as well as attract new customers,” said Edward D. Stewart, president and chief executive officer, GE Card Services.
GE Card Services, a GE Capital company, is a leading North American provider of credit card-related financial services for retailers and consumers. With assets of more than US$300 billion, GE Capital is a global, diversified financial services company with 28 specialized businesses. A wholly owned subsidiary of General Electric Company (GE), GE Capital, based in Stamford, Conn., provides equipment management, mid-market and specialized financing, specialty insurance and a variety of consumer services, such as car leasing, home mortgages and credit cards, to businesses and individuals around the world. GE is a diversified manufacturing, technology and services company with operations worldwide.Details