Is synchrony financial part of GE?

Is synchrony financial part of GE?

Today GE (NYSE:GE) completed the separation of Synchrony Financial (NYSE: SYF), the largest provider of private label credit cards in the United States[1]. Synchrony Financial has been a part of GE Capital for more than 80 years, helping consumers finance purchases from clothing to jewelry to RVs to furniture.

When did synchrony split from GE?

This exchange offer is in connection with the previously announced separation of Synchrony, the largest provider of private label credit cards in the United States*, from GE. The exchange offer is expected to conclude the week of November 16, 2015.

Who bought out PayPal Credit?

Synchrony Financial
Under the terms of the transaction, Synchrony Financial will acquire $6.8 billion in receivables, including PayPal’s U.S. consumer credit receivables portfolio, which totaled approximately $5.8 billion in receivables as of October 31, 2017, and approximately $1 billion in participation interests in receivables held by …

How is Synchrony Financial being separated from GE?

On Tuesday, GE took the last step in the separation by completing an offer to exchange shares of GE common stock for the remaining 85 percent of shares of Synchrony Financial common stock owned by GE.

Why did GE split off its consumer finance business?

GE decided several years ago to reduce the size of its financial services business. Exiting its U.S. consumer finance business (now Synchrony) was a clear choice. Tuesday capped a nearly two-year process to split off Synchrony. It’s been a no small task after 80 years of shared systems, resources, cultures to make an independent, standalone firm.

When did synchrony go public as a company?

In July 2014, GE took the first major step in the process and offered 15 percent of Synchrony to the public in what was one of the year’s largest IPOs. This allowed GE to establish Synchrony as a separately traded stock and allowed Synchrony to raise capital to stand on its own.