Consumer Payment Card News

GE Biz Card Heads North

GE Capital announced Tuesday it is launching a ‘MasterCard Corporate Card’ program in Canada. GE says the launch is part of its concentrated effort to integrate a centrally managed corporate payment network specifically targeting countries of operation identified as critical to its corporate clients. Canada becomes the fourth country, after the U.S., U.K. and Republic of Ireland, where GE Capital issues corporate cards by wholly owned affiliates.

FULL STORY:

GE Capital announced today it has launched its first Canadian GE Capital/MasterCard corporate card program. The program broadens GE Capital’s servicing platform for business to business payment products to its multi-national client base, further leveraging its existing U.S. and Canadian credit card operations.

This move into the Canadian market results from a concerted effort by GE Capital to integrate a centrally managed corporate payment network, specifically targeting countries of operation identified as critical to its corporate clients. Canada becomes the fourth country where GE Capital issues corporate cards by wholly owned affiliates, after the U.S., the United Kingdom, and the Republic of Ireland. GE Capital’s credit card presence in Canada has continuously expanded since its introduction in 1987, where it currently services over one million private label credit cards.

“GE’s global presence places us in a unique position to leverage existing relationships and servicing capabilities,” commented Kathryn Marinello, President of GE Capital Consumer Financial Services. “Our move into Canada illustrates our ability to expand our corporate service portfolio specifically focusing our resources on meeting our client’s strategic needs.” MasterCard’s Canada Region Senior Vice President, Gary Heatherington added, “GE Capital’s commitment represents a new dynamic in the Canadian market; we certainly welcome their global expertise and look forward to continuing MasterCard’s corporate products expansion through our combined efforts.”

GE Capital Consumer Financial Services develops and markets consumer bankcards, including the GE Rewards MasterCard and the Exxon MasterCard; corporate bankcards designed for medium and large sized companies; and home equity lines of credit for individual consumers.

GE Capital Services, with assets of over US$225 billion, is a global, diversified financial services company with 27 specialized businesses. A wholly owned subsidiary of General Electric Company, GE Capital Services, based in Stamford, CT, provides equipment management, minimarket and specialized financing, specialty insurance and a variety of consumer services, such as car leasing, home mortgages and credit cards, to businesses and individuals around the world. GE is a diversified manufacturing, technology and services company with operations worldwide.

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