General Electric Co. said Friday that finding a buyer for its private-label credit card business is taking longer than expected.
"The private-label credit card disposition is progressing. It is a good business, fundamentally strong," GE's chief executive officer, Jeffrey Immelt, said on a conference call.
The process has been "slower than we expected, but we believe we will get it done," he said.
Keith Sherin, GE's chief financial officer, said on the call: "We have an excellent private-label platform. There is no question about it in terms of the business quality and capabilities we have, but it is a tough time to go out and find someone with $30 billion of funding."
GE said in December that it was looking for a buyer for the business, which issues cards for such retailers as Chevron, Lowe's, Brooks Brothers, Sam's Club, Wal-Mart, and Ikea.
According to The Nilson Report, GE is the leader in the private-label market, with more than $35.5 billion of receivables and almost 226 million accounts at the end of 2006, the most recent date for which rankings are available.
