GE Money

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Sychrony Bank
Industry Financial services
Headquarters London, United Kingdom
Area served
Services Auto loans and leases, bank cards, credit insurance, debt consolidation, home equity loans, mortgages, personal loans, private label credit cards
Owner General Electric
Parent GE Capital

GE Money is part of the GE Capital operating division of General Electric. The division, headquartered in London, has 130 million global customers and 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.



In Australia, the GE Money brand encompasses the GE Consumer Finance and GE Capital Finance businesses. The company provides car, boat, personal and consolidation loans, credit cards, mortgages and insurance.

At the end of 2002 to beginning of 2003 GE purchased the Australian Guarantee Corporation (AGC) business from Westpac Banking Corporation, and as a result, AGC Automotive Finance became GE Automotive Finance (GE Auto), and former retail finance competitor, AGC Creditline, became known as GE CreditLine.

GE Consumer Finance controls most credit cards and loans and has a strategic partnership with Coles Group to operate the Coles Group Source MasterCard. GE Consumer Finance governs the GE Creditline, GO MasterCard, gem Visa and Buyer's Edge cards which all offer interest-free terms at participating retailers.

GE Finance also has strategic financial relations with Myer, Australia's largest department store. In 2006 and 2007 Myer signed contracts with GE to issue and govern both the new Myer Card and the Myer Visa Card. GE was also the issuer of the old red ColesMyer card which is no longer an acceptable method of payment of Myer stores, this is following the decision of Myer being disenfranchised from the ColesMyer group.

In 2004, GE Capital Finance purchased the Wizard Home Loans business.

On the 24th of October 2008, GE Money announced that it will cease offering motor finance in Australia and New Zealand. This move has proven damaging to GE aligned dealerships who have been given 60 days to find an alternate financier to provide floorplan finance. GE Money also announced that it will be pulling out of the mortgage industry and no longer providing mortgages other than those sold under the Wizard Brand.

In Mid December 2008, GE Money announced it was in advanced talks with the National Australia Bank (NAB) to sell the Wizard Brand. Ultimately, Wizard was bought by the Commonwealth Bank of Australia.[1]


GE Money Canada provides private label credit card and MasterCard card programs to consumers and lending options for retailers in key industries across the country. GE Money-Canada also is a provider of alternative residential mortgages and patient financing through its CareCredit unit.


GE had more than 118 branches in India as of July 2006. Most of these are in the southern states. There are branches in Coimbatore, Erode, Salem Saradha, Trichy, Madurai, Tanjore, Palaghat, Hyderabad, Trivandrum, Rajamundhry, Kakinada, Vizag, Vijayavada, Hubli, Darhwad and Belgaun .GE was the first BPO's in hyderabad.


GE Consumer Finance Co., Ltd (GEコンシューマー・ファイナンス株式会社) is part of the Japanese operation of GE Consumer Finance. From April 2005, it began to provide GE Money brand in Japan. The Japanese operation was sold to Shinsei Bank in 2008. In 2008 GE was crowned In-House of the Year - Japan In-House Lawyer of the Year by the 2008 ALB Japan Law Awards.[2]

New Zealand[edit]

In 2002 GE Finance purchased Australian Guarantee Corporation's New Zealand-based finance company to create the AGC Creditline Card (now GEM Visa Card), which provides financing for retailers such as Harvey Norman and Freedom Furniture, and automatically receive 6 months interest free on any purchase over $250 wherever visa is accepted. In 2006 GE Money New Zealand purchased Pacific Retail Finance (PRF), New Zealand's largest personal consumer finance company, and the mortgage assets of Superbank, a supermarket-based banking system.

On 24 October 2008 GE Money announced that it was pulling out of the New Zealand vehicle finance market, with the loss of 80 staff.[3] It attributed this decision to the credit crunch.

On 15 December 2008, GE Money announced it would no longer be offering home loans through Wizard Home Loans and was seeking a buyer.


GE Money, in an effort to expand its presence in Southeast Asia, acquired a majority stake in the now-defunct Keppel Bank Philippines which acquired what was formerly the Monte De Piedad Bank, the Philippines' first savings bank. The acquisition was finalized on December 20, 2005 after the Monetary Board of the Bangko Sentral ng Pilipinas approved the purchase on December 8, 2005. The bank was renamed GE Money Bank Philippines. At present, GE Money Bank Philippines has 31 branches all over the Philippine archipelago.

Republic of Ireland[edit]

GE Money Ireland, is part of the European operations of GE Consumer Finance. In the Republic of Ireland, GE Money provides specialised financing and services such as leasing, hire purchase, mortgages and loans to businesses and individuals across the country. With headquarters in Dublin, GE Money services its customers through regional sales centres and a dealer and partner network. [4]

United Kingdom[edit]

In the United Kingdom GE operates the Moneybasics money advice site with the charities Credit Action and the Consumer Credit Counselling Service. It provides mortgages and secured loans through First National, acquired from Abbey National, and offers these through intermediaries. On 25 September 2008, it was announced that the UK Financial Services Authority had fined GE Money Home Lending £1.1 million for failings in its systems, which caused it to overcharge borrowers.[5] It was announced on 29 March 2008 that the GE Capital Bank store cards business and managed credit card business had been acquired by the Santander Group.[6]

United States[edit]

In the United States, GE Consumer Finance is one of the largest issuers of private label (store) credit cards for a number of U.S. retailers. For many years, the servicing arm for the private label credit cards was known as Monogram Credit Card Bank of Georgia (MCCBG).[7] Other products available in this market include GE Money Savings and the GE Money MasterCard.


Some home loan borrowers in India complained they were charged as high as 22.39% per annum since more than a year without intimation. which is against RBI guidelines of India.


  1. ^ "Commonwealth Bank to acquire up to $4 billion of Wizard originated prime mortgages". Commonwealth Bank (Sydney). 2008. Retrieved 18 January 2012. 
  2. ^
  3. ^ "Credit crunch hits GE Money". 24 October 2008. Retrieved 1 October 2011. 
  4. ^ "GE Money Ireland profile". 2007. Archived from the original on 2007-06-05. Retrieved 2007-06-20. 
  5. ^ Insley, Jill (25 September 2008). "FSA fines mortgage lender £1.1m". The Guardian (London). Retrieved 25 September 2008. 
  6. ^ Fletcher, Richard (28 March 2008). "Santander to buy GE Capital Bank". The Daily Telegraph (London). Retrieved 29 March 2008. 
  7. ^ "J.C. Penney privacy policy". 2007. Retrieved 2007-12-31. 

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