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General Electric Capital

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General Electric Capital

GE Capital
Subsidiary unit
Industry Financial services, aviation leasing, real estate
Headquarters Norwalk, Connecticut, United States
Area served Worldwide
Key people Michael A. Neal, Chairman and CEO
Net income Increase US$ 006.5 billion (2011)
Total assets Increase US$ 584.5 billion (2011)
Parent General Electric
Divisions GE Money
Website www.gecapital.com

GE Capital is the financial services unit of the US conglomerate General Electric.[1]

GE Capital provides commercial lending and leasing, as well as a range of financial services for health care, media, communications, entertainment, consumers, real estate, and aviation. GE Capital focuses primarily on loans and leases that it underwrites to hold on its own balance sheet rather than on generating fees by originating loans and leases, then selling them to third parties. Most of GE Capital's commercial loans are to small and mid-sized companies, spread across multiple industries and geographies and secured by tangible assets. More than 70% of GE Capital’s loans are under $100 million. GE Capital's consumer lending activities are also diversified by product and geography, and include operations in 55 countries.[2]

It has a number of divisions which include GE Money, GE Real Estate, GE Capital Aviation Services, GE Energy Financial Services and GE Commercial Distribution Finance.

As of Q3 2009, GE Capital had 60,000+ employees worldwide, operating in more than 55 countries, with total assets of $551B. It was rated AA+ with stable outlook by S&P.

Operations

Czech Republic

GE Money Bank (formerly GE Capital Bank) is one of the largest financial institutions in the Czech Republic. 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. It was founded in 1997 after acquisition of Agrobanka bank as GE Capital Bank. In the year 2000 it changed the name to GE Money Bank. Its headquarters are located in Prague. Call center is operating from Ostrava.

Denmark

GE Money Bank Denmark (previously GE Capital Bank Denmark) offers credit cards, loans and financial solutions. Brand names include Acceptcard, Morecard and E-lån.

Federation of Bosnia and Herzegovina

Hong Kong

GE Capital is incorporated as a Restricted License Bank in Hong Kong. Major focus is in mortgages (homes and automobile) and personal loans.

Hungary

Budapest Bank, was established in 1987 as one of the first commercial banks when the two-tier banking system was created in Hungary. Since 1995, GE (General Electric Company) as owner provides solid background for the bank. Budapest Bank offers a full range of financial and banking services for consumers and small- and middle-sized businesses.

Latvia

GE Money Bank Latvia is a universal bank owned by GE in Latvia (merged from the former BTB bank and GE Money financial company[3]), offering loan and deposit products to both private and legal entities.

Netherlands

GE Artesia Bank, a part of GE Capitals subsidiary GE Commercial Finance, offers banking services to High-net-worth individuals as well as corporates in the Netherlands. It provides capital finance, long-term finance, leasing and finance for specific international trade transactions.

New Zealand

GE Finance and insurance, trading as GE Money, is a registered financial service provider in New Zealand that provides consumer finance, personal loans and insurance products.

Norway

GE Money Bank Norge is a division of the Stockholm-based Swedish subsidiary GE Capital AB. It is 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 bank DnB NOR.

It is the second bank in Norway to offer US style credit cards with zero annual/monthly fee and including a grace period, after Bankia Bank ASA. In the eighteen months following the launch of GE MasterCard in 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.

Poland

Polish GE Money Bank S.A. is located in Gdańsk. After acquiring the Polish bank BPH SA and governing under its brand (31 Dec 2009) Polish headquarters are located in three cities: Warsaw, Krakow and Gdansk.

Romania

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.

Russia

Russian GE Money Bank Russia is located in Moscow.

Sweden

The Swedish subsidiary is GE Capital Bank AB. Based in Stockholm, the bank trades as GE Money Bank.

Switzerland

GE Money Bank is the largest provider of small consumer credits in Switzerland. In 2006, the company partnered with Migros, allowing them to offer credit cards contracts through Migros.

United States

GE Capital Retail Bank provides retail banking and credit services to consumers, businesses, merchants, and retailers in the United States and internationally. It offers retail sales finance, such as private label credit card programs, installment lending, bankcards, and financial services for consumers, retailers, manufacturers, and health-care providers, as well as offers financing programs to dealers, retailers, associations, contractors, and service providers. The company also provides retail consumer financing solutions, such as private label credit cards, dual card, flex loans, and all-tender loyalty and gift cards; and business credit services, including business process outsourcing of open account trade credit, private label revolving credit programs, receivables financing, and inventory financing. In addition, GE Capital Retail Bank offers a range of financial products, including personal loans, mortgages, debt consolidation, home equity loans and credit insurance, and credit protection products. Further, it provides support services, including cardholder and dealer services, credit training, online, quality, and legal/compliance services. The company serves 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. It offers 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. The company was founded in 1988 and is based in Draper, Utah. GE Capital Retail Bank operates as a subsidiary of General Electric Capital Corporation.[4]

GE Capital Retail Bank acquired MetLife Bank from MetLife in 2011.[5]

For more information on GE Money Bank in the U.S., see GE Money.

Former operations

Austria

Austria's GE Money (formerly GE Capital Bank) was founded in 1994 after the successful acquisition and merger of Mercurbank and AVABANK. Today, it's 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 Grupo Santander in January 2009.[6]

References

External links

  • GE Capital Homepage
  • GE Capital and tax reduction
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