GE Money, the consumer lending unit of General Electric Company (NYSE:
GE), announced today that it has reached an agreement, through its
Retail Consumer Finance Division, to purchase the proprietary consumer
credit card business from Chevron Corporation (NYSE: CVX) subsidiaries,
Chevron U.S.A. Inc. and Chevron Credit Bank, N.A. GE Money Bank will own
and operate the Chevron®- and Texaco®-branded
consumer credit cards. The transactions are subject to certain
approvals, including regulatory, and are expected to close later this
Commenting on the agreement, Margaret Keane, CEO & President of GE Money
- Retail Consumer Finance, said, ?Chevron is a
great partner for Retail Consumer Finance, and we are excited to be
working with the company. Our strong partnership approach, advanced risk
models, and marketing and payments innovation, make GE Money the perfect
complement to the Chevron and Texaco brands. We are proud of our
capabilities and know that we can help Chevron expand its already
successful consumer credit card offerings.?
Chevron will proactively collaborate with GE Money to continue to manage
the overall customer experience, brands and image of its branded credit
cards. Additionally, GE Money and Chevron plan to launch Chevron and
Texaco co-branded cards, providing customers with greater choice and the
added benefits and utility of a multi-functional card.
Mike Abbott, vice president, Marketing for GE Money ?
Retail Consumer Finance, said, ?Over the
years, Chevron has done a terrific job marketing and supporting its
private label consumer credit card program. Now with GE Money, Chevron
will have access to the platform and products to expand its product
offerings and continue to grow its card programs.?
?The credit card business environment is
changing rapidly,? said Danny Roden, vice
president of Chevron North America Marketing. ?Consumers'
usage patterns are changing and they are looking for new payment
products and features. Our goal is to provide payment products which
attract and retain consumers, marketers and retailers.?
?We have a strong base of loyal customers
with our proprietary credit card business and are making this change to
ensure they continue to have access to the latest features and options
available within the credit card market,?
said Shariq Yosufzai, president of Chevron Global Marketing. ?We
believe GE Money can enhance the payment products we offer our customers.?
Chevron U.S.A. Inc. is an indirect, wholly owned subsidiary of Chevron
Corporation. Chevron Credit Bank, N.A. is a partially owned subsidiary
of Chevron U.S.A. Inc. Chevron Corporation, one of the world's leading
integrated energy companies, has approximately 58,000 employees, and
Chevron's subsidiaries conduct business in
approximately 180 countries. Chevron operates across the entire energy
spectrum?exploring for, producing and
transporting crude oil and natural gas; refining, marketing and
distributing fuels and other energy products; generating power;
designing and marketing large-scale energy efficiency solutions and
assessing the energy resources of the future, including biofuels and
other renewables. Chevron is based in San Ramon, Calif. More information
on Chevron is available at www.chevron.com.
About GE Money and Retail Consumer Finance
With more than $190 billion in assets, GE Money, a unit of General
Electric Company (NYSE: GE), is a leading provider of credit services to
consumers, retailers and auto dealers in 55 countries around the world.
GE Money, based in Stamford, Conn., offers a range of financial
products, including private label credit cards, personal loans, bank
cards, auto loans and leases, mortgages, corporate travel and purchasing
cards, debt consolidation and home equity loans and credit insurance.
More information can be found at www.gemoney.com.
GE Money's Retail Consumer Finance division
is one of the most successful retail credit providers with more than $23
billion in receivables and in excess of 50 million account holders. The
business unit provides private label credit card programs, bankcards,
installment lending and financial services for consumers ?
all retail-branded through its retail partners. GE (NYSE: GE) is a
diversified technology, media and financial services company dedicated
to creating products that make life better. For more information, visit
the company's Web site at www.ge.com.
©2007 General Electric Company, All rights
GE Money, Retail Consumer Finance
Steven Harlan, 913-676-4049
Money - Americas
Richard Jones, 203-585-6701