Bangkok--Feb 17--Bangkok Public Relations
- Rebranding a key 2005 strategy to strengthen position in Thailand’s consumer finance market
- Invests Bht 200 million in rebranding
GE today announced the rebranding of its consumer finance businesses in Thailand to become GE Money. The re-branding is in line with GE’s global move to rebrand its consumer finance business as GE Money. The rebranding is a key 2005 strategy to strengthen the company’s position as a leader in Thailand’s consumer finance market as well as to help it grow by around 15-20% in 2005.
GE Money Thailand’s President Piriyah Wisedjinda said, “2005 will be a challenging year for consumer finance service providers due to greater competition and new service providers. Rebranding is one of our key strategies to stay ahead in the competition, and we will invest over Bht 200 million behind this initiative. It will strengthen our position as a leader in Thailand’s consumer finance market through a strong common identity among our many market leading products. Consumers will clearly be able to associate their good experiences with GE’s consumer finance business with a single brand that stands for speed, convenience and a ‘can do’ attitude.”
According to Mr. Piriyah, the new GE Money brand will be applied to its auto finance, personal loan, and other products launched in the future. The new retail bank will also carry the same brand and be known as GE Money Retail Bank.
In 2004, GE’s consumer finance businesses in Thailand registered around 35% growth over 2003. It had a loan portfolio of around Bht 125 billion with close to 3,000,000 customers. Auto finance businesses account for the largest portion of the consumer finance business, standing at close to 70% of the entire business.
Average delinquencies for GE’s consumer finance products were at around 1.5%, which Mr. Piriyah said was approximately half the estimated industry average of 2-3%. He attributed the low delinquency rate to effective risk management practices and responsible lending, allowing the company to maintain quality growth.
“Our retail bank is scheduled to open at the end of December 2005, and will be called GE Money Retail Bank. Our business expansion into banking reflects our commitment to serving local communities with a full range of financial products. GE Money Retail Bank will be positioned in a new market space, which is in line with our brand attributes. The bank will deliver financial products and services to customers with speed, flexibility, and accessibility while providing them with value and the creditability of one of the world’s few Triple-A rated companies,” he said.
GE operates consumer finance businesses in 40 countries worldwide and began rebranding them, country by country, in October last year.
GE Money Thailand is a part of GE Money, a unit of General Electric Company, a leading provider of credit services to consumers, retailers, and auto dealers in 40 countries around the world. Based in Stamford, Connecticut, USA, GE Money offers a range of financial products, including store credit cards, installment finance, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance.
For further information please contact: Bangkok Public Relations
Ananya Sopittakamol (ext 110) or Pairoj Pachanapreeda (ext 115)
Tel: 0-2664 9500, Fax: 0-2664 9515. End.