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TJX deal will broaden retail card business for GE Capital
20 Jan '11
2 min read
GE Capital Retail Consumer Finance, a consumer lending unit of General Electric Company, announced a definitive multi-year agreement to provide the consumer credit card programs in the United States for The TJX Companies Inc, the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. TJX operates over 2,000 T.J. Maxx, Marshalls and HomeGoods stores in the U.S.
The TJX Rewards credit card program will include the private label credit card and the co-branded MasterCard program, providing cardholders with benefits and convenience, as well as the opportunity to earn special rewards for cardholders. GE Capital will acquire the existing card program assets from JP Morgan Chase. Financial terms were not disclosed.
“This $400 million portfolio acquisition further demonstrates our commitment to the U.S. retail credit card space. The transaction, which we expect to close in the second quarter of 2011 and be immediately accretive, will broaden our portfolio with a terrific retailer and accelerate the growth of what is a high performing, core business for GE Capital,” said Margaret Keane, CEO and President of GE Capital Retail Consumer Finance.
GE Capital Retail Consumer Finance (RCF) is a leading retail credit provider with over 40 million account holders and more than $28 billion in assets. The business, which originates loans as a unit of GE Money Bank, provides private label credit card programs, bankcards, and financial services for consumers – retail-branded through its retail partners.
The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the United States and worldwide, ranking 119 in the most recent Fortune 500 listings and ranked #1 on The Boston Globe 2010 Globe 100 list. With over $20 billion in revenues in 2009, more than 2,700 stores in six countries and approximately 154,000 Associates, we see ourselves as a global, off-price value retailer.
The TJX Rewards credit card program will include the private label credit card and the co-branded MasterCard program, providing cardholders with benefits and convenience, as well as the opportunity to earn special rewards for cardholders. GE Capital will acquire the existing card program assets from JP Morgan Chase. Financial terms were not disclosed.
“This $400 million portfolio acquisition further demonstrates our commitment to the U.S. retail credit card space. The transaction, which we expect to close in the second quarter of 2011 and be immediately accretive, will broaden our portfolio with a terrific retailer and accelerate the growth of what is a high performing, core business for GE Capital,” said Margaret Keane, CEO and President of GE Capital Retail Consumer Finance.
GE Capital Retail Consumer Finance (RCF) is a leading retail credit provider with over 40 million account holders and more than $28 billion in assets. The business, which originates loans as a unit of GE Money Bank, provides private label credit card programs, bankcards, and financial services for consumers – retail-branded through its retail partners.
The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the United States and worldwide, ranking 119 in the most recent Fortune 500 listings and ranked #1 on The Boston Globe 2010 Globe 100 list. With over $20 billion in revenues in 2009, more than 2,700 stores in six countries and approximately 154,000 Associates, we see ourselves as a global, off-price value retailer.
GE Capital Retail Consumer Finance
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