From Home Furnishing Business
GE Files IPO for Retail Finance Arm
GE (NYSE: GE) filed for an initial public offer it of its North American retail finance business, which will operate under the name Synchrony Financial.
The company said the IPO is a first step in a planned exit from the business. The IPO is expected to be completed later this year at which time GE Capital Retail Finance will become Synchrony Financial.
GE announced plans in November to spin off the business, which is the largest provider of private label credit cards in the U.S. based on purchase volume and receivables.
The IPO filing with the SEC, filed under the Synchrony Financial name, says the company's 2013 profit was $1.98 billion, down from $2.11 billion in 2012. The company also applied to list its shares on the New York Stock Exchange under the symbol SYF.