Otis Singleton
GE Capital was the financial services division of General Electric. GE Capital Retail Bank, a subsidiary of General Electric Capital Corporation, provided retail banking and credit services to consumers in the United States and internationally. It offered retail sales finance, such as private label credit card programs, and financial services for consumers. GE Capital was designated a systemically important financial institution in 2013, making it subject to oversight by the Federal Reserve. In 2014, GE Capital had over 35,000 employees worldwide, operating in more than 40 countries, with total assets of US$499 billion. In 2015, General Electric announced it would sell most of GE Capital over the next two years. Today, GE Energy Financial Services (EFS), a division of GE Vernova, provides financial and technological investment in energy infrastructure projects worldwide. GE Vernova's Financial Services business offers project development and financial solutions to support customers and projects through a wide range of investing and structuring activities.
| Characteristics | Values |
|---|---|
| Division | GE Vernova |
| Headquarters | Stamford, Connecticut, United States |
| Year founded | 1943 |
| Services | Financial and technological investment in energy infrastructure projects |
| Industries | Power generation and distribution, oil and gas, pipelines and storage, water, venture capital, and renewable energy |
| Portfolio | Deepwater oil and gas exploration in Brazil, water pipeline projects in Jordan, solar industry |
| Investments | 127-megawatt solar farm in Arlington, Arizona |
| Former divisions | GE Capital Bank, GE Capital Retail Bank, GE Capital Corporate Finance, GE Trailer Fleet Services, GE Capital Aviation Services, Electric Insurance Company, GE Energy Financial Services |
| Former division services | Retail banking, credit services, retail sales finance, private label credit card programs, installment lending, bankcards, financial services for consumers, hotel franchise operations |
| Former division locations | India, Hungary, Poland, Mexico, Japan, North America |
| Former division subsidiaries | Synchrony Financial, GE Money, Budapest Bank, Magma Fincorp, Clix Capital, State Bank of India, Alior Bank, BPH SA, GE Garanti Bank |
| Investor relations | www.ge.com/investor-relations, www.ge.com/reports, GE social media accounts |
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What You'll Learn
- GE Capital: financial services division of General Electric
- GE Capital's subsidiaries: operated under the GE Money brand
- GEFA's principal product lines: insurance and investment products
- GEFA's competitive factors: product features, distribution strength, stability
- GE Capital's sales: various units sold between 2013 and 2021
GE Capital: financial services division of General Electric
GE Capital was the financial services division of General Electric. The company was founded in 1988 and was based in Draper, Utah. GE Capital Retail Bank, formerly known as GE Money Bank, provided retail banking and credit services to consumers in the United States and internationally. It offered a range of financial products and services, including retail sales finance, private label credit card programs, installment lending, bankcards, and financial services for consumers. The company also provided retail consumer financing solutions such as private label credit cards, dual cards, flex loans, and gift cards. GE Capital's subsidiaries also operated under the GE Money brand.
In addition to its retail banking business, GE Capital had a presence in various other industries. This included the aviation industry, where they provided aircraft financing and leasing services. They also had a presence in the energy industry, with GE Energy Financial Services providing commercial lending and leasing, as well as financial services for commercial aviation, energy, and support for GE's industrial business units. GE Capital had a global presence, operating in more than 40 countries with over 35,000 employees worldwide and total assets of US$499 billion in 2014.
However, starting in 2013, General Electric began selling off its various units. Notable sales include the spin-off of the North American consumer finance division as Synchrony Financial, the sale of GE Capital's Mexican equipment lending and leasing operations to Linzor Capital Partners, and the sale of GE Capital Aviation Services to AerCap in 2021. By 2021, only one division of the company remained, GE Energy Financial Services, which was transferred to GE Vernova when General Electric was broken up.
GE Capital's website provides financial and other information for investors. Investors are encouraged to visit the website regularly for updates and new information. GE Capital has a significant presence on social media platforms, where it also shares updates and financial information.
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GE Capital's subsidiaries: operated under the GE Money brand
GE Capital was the financial services division of General Electric. Its various units were sold between 2013 and 2021, with the last division of the company being GE Energy Financial Services, which was transferred to GE Vernova. GE Capital's subsidiaries operated under the GE Money brand.
GE Money Bank, formerly GE Capital Bank, was a significant institution in the Czech Republic. It was founded in 1997 after the acquisition of Agrobanka bank and changed its name to GE Money Bank in 2000. It offered credit cards, loans, and other financial solutions. In 2014, GE Capital sold its Scandinavian operations, including GE Money Bank Denmark, to Santander. GE Money Bank France was established in 1995 through the acquisition of Crédit de l'Est and SOVAC.
Polish GE Money Bank S.A. was headquartered in Gdańsk until December 31, 2009, when it merged with Bank BPH. After the merger, GE Capital's Polish headquarters were located in Warsaw, Kraków, and Gdańsk. GE Money Bank Polska was 89% owned by GE Money Bank, which was the largest shareholder before UniCredit. GE Money Bank Russia was sold to Sovcombank in 2013.
GE Money Bank Norge was a division of the Swedish subsidiary GE Capital AB, providing consumer finance products in Norway. In 2001, it introduced the US-style GE MasterCard with no annual or monthly fees and a grace period. GE Capital sold its Scandinavian operations, including GE Money Bank Norge, to Santander in 2014.
GE Consumer Finance Co., Ltd. was part of the Japanese operation of GE Consumer Finance. It began providing the GE Money brand in Japan in 2005. The Japanese operation was sold to Shinsei Bank in 2008.
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GEFA's principal product lines: insurance and investment products
GEFA's principal product lines in North America and Asia include annuities (both deferred and immediate, fixed and variable), life insurance (universal, term, ordinary, and group), guaranteed investment contracts with funding agreements, long-term care insurance, supplementary accident and health insurance, and consumer club memberships.
In Europe, GEFA's principal products are payment protection insurance, personal investment products, and travel and personal accident insurance.
GEFA's ability to compete in the insurance and investment industries is influenced by its capacity to offer competitive products and high-quality services to consumers, general agents, licensed insurance agents, and brokers. Maintaining an efficient operating scale and reducing expenses through the elimination of duplicate functions and the implementation of enhanced technology are also crucial factors.
GEFA's products are distributed in North America, Europe, and Asia through four primary channels: intermediaries such as brokerage general agencies, banks, and securities brokerage and financial planning firms; dedicated sales forces and financial advisors; worksite distribution; and direct and affinity marketing.
GEFA is subject to regulation and oversight by a variety of insurance and other regulatory bodies.
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GEFA's competitive factors: product features, distribution strength, stability
GE Capital was the financial services division of General Electric. GEFA's competitive factors include product features, distribution strength, stability, commission structure, claims-paying ability ratings, service, name recognition, price and cost efficiency, and strong compliance practices.
GEFA's principal product lines in North America and Asia include annuities (deferred and immediate, fixed and variable), life insurance (universal, term, ordinary and group), guaranteed investment contracts, long-term care insurance, supplementary accident and health insurance, and consumer club memberships. In Europe, GEFA's principal product lines are payment protection insurance, personal investment products, and travel and personal accident insurance.
GEFA's product distribution in North America, Europe, and Asia is accomplished primarily through intermediaries (such as brokerage general agencies, banks, and securities brokerage firms), dedicated sales forces, financial advisors, worksite distribution, and direct and affinity marketing.
GEFA recognizes that consolidation in the financial services industry will result in fewer but larger competitors. GEFA's ability to compete is influenced by its capacity to offer competitive products and quality service, maintain operating scale, and reduce expenses through the elimination of redundant functions and the adoption of new technologies.
GE Capital had a significant global presence, with subsidiaries operating under the GE Money brand and branches in multiple countries, including India and Hungary. The company provided a wide range of financial services, including retail banking, credit, consumer finance, and commercial lending and leasing.
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GE Capital's sales: various units sold between 2013 and 2021
GE Capital was the financial services division of General Electric. Between 2013 and 2021, GE Capital sold off various units, including its North American consumer finance division, which became Synchrony Financial. The company also sold its Russian operations, GE Money Bank Russia, to Sovcombank in 2013. In 2014, GE Capital sold its Scandinavian operations to Santander and its UK operations were fined £1.1 million by the Financial Services Authority. In 2015, GE's CEO Jeffrey R. Immelt announced that the company would sell most of GE Capital over the next two years. In 2016, GE Capital completed the spin-off and merger of Bank BPH's Core Bank to Alior Bank and sold GE Capital Bank to Goldman Sachs. By the end of the process in 2021, only one division of the company remained: GE Energy Financial Services, which was transferred to GE Vernova.
GE Energy Financial Services (EFS) is headquartered in Stamford, Connecticut, and provides financial and technological investment in energy infrastructure projects worldwide. EFS is active in industries such as power generation, oil and gas, pipelines, storage, water, venture capital, and renewable energy.
GE Capital Aviation Services (GECAS) was sold to AerCap in 2021, and Electric Insurance Company was sold to RiverStone International in 2024. In Australia, the GE Money brand included GE Consumer Finance and GE Capital Finance, providing a range of loans, credit cards, mortgages, and insurance.
In 2021, it was announced that GE would be split into three new public companies: GE Vernova (energy), GE HealthCare, and GE Aerospace. This plan was completed in 2024, marking the end of the industrial giant.
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Frequently asked questions
GE Capital was the financial services division of General Electric. Its various units were sold between 2013 and 2024, and only GE Energy Financial Services remained, which was transferred to GE Vernova.
EFS is a division of GE Vernova, headquartered in Stamford, Connecticut, that provides financial and technological investment in energy infrastructure projects worldwide. EFS is active in industries such as power generation, oil and gas, pipelines, water, venture capital, and renewable energy.
The General Electric Company, doing business as GE Aerospace, was incorporated in 1892 and is based in Evendale, Ohio. It designs and produces commercial and defense aircraft engines, integrated engine components, and electric power and mechanical aircraft systems.
GEFA is a consolidation in the financial services industry that creates fewer but larger competitors. GEFA's principal product lines include various insurance and investment products.
GE's Investor Relations website at www.ge.com/investor-relations and its corporate blog at ge.com/reports contain financial and other information for investors.
