Card Issuer Profile - GE Money

Overview 1
Catalyst 1
Summary 1
Table of Contents 2
Table of figures 3
Table of tables 4
GE Money 5
Key findings 5
Company overview 5
Background 5
Ownership & management 5
GE Money's board of directors 5
Employees 6
Management values 6
Company structure 7
GE has simplified its company structure to capture growth 7
Geographic coverage 8
Historically, GE's expansion strategy was based on acquisitions but now includes strategic partnerships 9
While it acquired several players, some of its smaller consumer finance businesses were sold in 2008 11
Card statistics 13
Key financials 14
Profit & loss account 14
Balance sheet 17
Product overview 19
General product overview 19
Card product offering 20
GE Money continues to invest in innovative products and services 20
Distribution 21
B2B partnerships form a significant part of GE's distribution strategy 21
GE Money has also entered the credit card market as a standalone player 24
GE Money is becoming a direct retail banking services provider 25
GE Money is also forming joint venture partnerships globally 25
Company outlook 26
GE Money is aiming to maximize and expand its retail banking operations and joint venture partnerships 26
GE Money is focusing on scaling and restructuring its Consumer Finance platforms 27
GE Money is seeking to maximize its position as a retail banking provider 27
GE Money is placing more emphasis for growth on joint venture partnerships 28
GE is seeking to expand in emerging markets that have potential to drive growth in its portfolio 28
The general market conditions in the US and Europe remain difficult 28
There is potential to grow in Central and Eastern Europe where credit card penetration is low 29
GE has a growing portfolio across Asia Pacific 29
Latin America is also an important region for GE Money 29
Datamonitor competitor benchmark 31
APPENDIX 34
Definitions 34
Co-branded card 34
Commercial card 34
Corporate card 34
Credit card 34
Prepaid card 34
Private label card 34
Purchasing cards 35
Supplementary data 35
Methodology 36
Further reading 37
Ask the analyst 38
Datamonitor consulting 38
Disclaimer 38
List of Tables
Table 1: GE Money's board of directors 6
Table 2: GE employees, 2003-07 6
Table 3: GE Money key acquisitions and partnerships, 1993-2008 10
Table 4: Selected payment card statistics for GE Money, 2003-07 14
Table 5: GE Money's revenue and profit, 2003-07 17
Table 6: GE Money product offerings directly to consumers and businesses, 2009 20
Table 7: GE Money's key retailer partnerships in the US, 1981-2007 22
Table 8: Examples of GE Money's retailer partnerships globally 23
Table 9: Examples of GE Money's co-branded cards, 2009 24
Table 10: GE Money brand credit card details in selected markets, 2009 25
Table 11: GE Money's key joint venture partnerships, 2001-07 26
Table 12: Scorecard logic, part one 32
Table 13: Scorecard logic, part two 33
Table 14: GE's revenues, costs and profits, 2003-07 35
Table 15: GE's profit segmented by sector, 2002-06 35
Table 16: GE's assets, 2003-07 36
Table 17: GE Money's assets, 2003-07 36
Table 18: Current relevant publications 37
Table 19: Future relevant publications 37
List of Figures
Figure 1: GE Capital's organizational structure and management, 2009 8
Figure 2: GE Money has a significant presence globally, 2009 9
Figure 3: GE has shown a steady financial performance since 2005 15
Figure 4: GE Money is the third largest contributor to GE's profit, 2007 16
Figure 5: GE has a large balance sheet with GE Money accounting for 26.5% of total assets, 2003-07 18
Figure 6: Over 75% of GE Money's assets are overseas, whereas cards constitute 15% of total, 2007 19
Figure 7: GE Money is seeking double digit growth by 2011, 2008 27
Figure 8: GE Money - Datamonitor Competitor Benchmark 31