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MarketScreener Homepage  >  Equities  >  Nyse  >  Chevron Corporation    CVX


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Chevron Corp : GE Money to Purchase Chevron's Proprietary Consumer Credit Card Business

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08/30/2007 | 06:36pm EST

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 year.

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.?

About Chevron

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 reserved.

GE Money, Retail Consumer Finance
Steven Harlan, 913-676-4049
Communications Manager
GE Money - Americas
Richard Jones, 203-585-6701
VP, Communications

© Business Wire 2007
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Financials (USD)
Sales 2019 149 B
EBIT 2019 19 353 M
Net income 2019 12 173 M
Debt 2019 21 192 M
Yield 2019 4,12%
P/E ratio 2019 17,8x
P/E ratio 2020 16,3x
EV / Sales2019 1,61x
EV / Sales2020 1,56x
Capitalization 219 B
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