(18 May 2005 – UK/Asia) GE Capital is planning to cross sell financial products into its GE Capital backed store cards in the UK.Some 10 million customers currently hold GE cards but interest in store cards has dwindled among British shoppers over recent times.
GE’s response is to take on the banks by selling other financial products such as mortgages and current accounts to these card holders through the internet or telephone.
Head of GE Capital UK, Brad Cooper, said the company would re-brand as GE Money and become a direct provider rather than selling through intermediaries and retailers.
In Asia, GE Consumer Finance will go to market as GE Money over the course of 2005.
The company is looking to expand in China, the Philippines and Vietnam in particular and its Asian business is expected to triple over the next two to three years.