STAMFORD, Conn., May 20--PRNewswire-AsiaNet/InfoQuest
GE Money Drives Expansion with New Products and Customer Focus
Corporate multinational General Electric Co.'s (NYSE: GE) Consumer Finance
unit will target growth, with the continued brand migration to GE Money
throughout 2005 playing an important role in the effort. In Asia, core growth
for GE Consumer Finance has been 83 percent over the past four years. Net
income for the unit is estimated to double or triple to 100 billion yen for
Asia business in the coming years. GE Consumer Finance is one of the fastest
growing of GE's 11 businesses.
( Photo: http://www.newscom.com/cgi-bin/prnh/20050520/CLF002 )
Celebrating its one-year birthday, the GE Money brand has been unveiled in
25 countries around the world. Yoshiaki Fujimori, President and CEO of GE
Consumer Finance Asia, says his aim is to grow the business by expanding GE
Money's product portfolio, and by launching the brand in China, the Philippines
and Vietnam. Currently, the business operates in Hong Kong, India, Indonesia,
Japan, Singapore, South Korea, Taiwan and Thailand. GE Money Australia operates
in Australia and New Zealand and is headed by President and CEO Tom Gentile.
The new GE Money brand was launched in 2Q 2004 to unify GE Consumer Finance
businesses and products under a single name with a consistent consumer promise
of speed, accessibility and ease of doing business, while improving sales and
profitability.
GE Money products include private label credit cards, personal loans, bank
cards, auto loans and leases, mortgages, corporate travel and purchasing cards,
debt consolidation, home equity loans and credit insurance.
New Products in Australasia
Since the beginning of 2005 GE Money has continued to grow organically
while adding new products in the Australasian region. The release of these
financial products complements regional business strategy and customer demand.
- In Australia, the GE Money CareCredit product provides a revolving line
of credit for elective medical procedures.
- GE Money India recently launched the GE Money Home Loan mortgage
products and Personal Loan.
- In Singapore, the new GE Money ezyCash personal loan product was
launched in a unique partnership with Singapore Post, and is available
at kiosks in Sing Post branches.
- In Thailand, a new dual credit card was launched with Central
Department Stores.
Selection of a New Name
After the reorganization of GE Capital businesses in 2003, an opportunity
to create a new brand was identified. "The new brand needed to transcend
cultural barriers, by creating a consistent consumer experience, combining the
trustworthiness of banks with the speed and ease of traditional finance
companies," according to George Awad, Senior Vice President, Global Marketing.
GE Consumer Finance's marketing team harvested a list of 200 potential
business names and through qualitative research reduced it to 21. Four
finalists were selected, which were then subjected to exhaustive quantitative
research. After the final wave of research, the GE Money name emerged as the
winner.
Global Rollout
Beginning in 2004, the GE Money brand was introduced in Australia, New
Zealand, France and Germany.
Throughout 2005, the GE Money brand has been launched in Europe, as well as
Hong Kong, India, Japan, Singapore and Thailand. The new brand identity in each
country has transformed branches, kiosks and headquarters signage. Print and
broadcast advertising, publicity, new product rollout and significant employee
activities complement the brand launch.
The new look of the GE Money brand is clean, transparent and displayed in a
bright, graphic manner. It is simple and optimistic and showcased in consumer
literature to communicate the brand values of speed, ease, accessibility,
flexibility, trustworthiness and value.
In today's banking environment, GE Money's distinctive approach brings
greater accessibility to consumers. The name GE Money is synonymous with the
business goal; the ability to say "Yes" to customers. Convenience and
flexibility are also important brand attributes for GE Money. With more than
142,000 retail outlets and 185,000 ATMs, GE Money can be close to customers.
As a part of the focus on the customer, credit and loan applications have
been simplified with large print and disclosure boxes. Courteous customer
service and prompt attention are hallmarks of the customer focus. "We are
delighted with customer reactions to the experience of doing business with GE
Money," said David Nissen, President and CEO of GE Consumer Finance. "We look
forward to growing long-term customer relationships and attracting new
customers with our unique brand proposition."
ABOUT GE CONSUMER FINANCE
With more than $150 billion in assets, GE Consumer Finance, a unit of
General Electric Company, is a leading provider of credit services to
consumers, retailers, and auto dealers in 47 countries around the world. GE
Consumer Finance, based in Stamford, Connecticut (USA), 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 http://geconsumerfinance.com
ABOUT GE
GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and
financial services company focused on solving some of the world's toughest
problems. With products and services ranging from aircraft engines, power
generation, water processing and security technology to medical imaging,
business and consumer financing, media content and advanced materials, GE
serves customers in more than 100 countries and employs more than 300,000
people worldwide. For more information, visit the company's Web site at
www.ge.com
SOURCE: GE Consumer Finance
CONTACT:
http://www.geconsumerfinance.com/AboutConsFinance/GENews/GEMoneymediacontacts_As
ia.htm
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Website: http://geconsumerfinance.com
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--Distributed by AsiaNet (www.asianetnews.net)--