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General Electric plans to ask early next year for relief from heightened regulatory scrutiny, while its former credit card arm says that it won't be subject to the same stress-testing rules as most banks its size.
October 16 -
Synchrony Financial has received regulatory approval for moves that will let the credit card lender cut ties with its longtime parent, General Electric.
October 15 -
The Stamford, Conn.-based credit card issuer expects to be independent by the end of the year, and predicts that it will benefit from its separation from General Electric.
September 17 -
By locking up key clients, minimizing employee attrition and embracing innovation, Margaret Keane has made all the right moves in preparing Synchrony Financial to stand on its own.
September 22
General Electric is trying to entice its shareholders to exchange their stock for shares in Synchrony Financial, the spun-off credit card lender.
GE announced the terms of its exchange offer on Monday. Through the process, GE plans to divest its 85% ownership of Synchrony, which specializes in store-branded cards. GE expects to unload all 705 million of its shares in Synchrony.
GE shareholders can receive as much as $107.53 in Synchrony stock for each $100 in GE stock that they exchange, according to the details released Monday. The offer runs through Nov. 16, though it could be extended.
General Electric is selling off many of its financial services businesses, including Synchrony, in an effort to escape the close scrutiny it has gotten from federal regulators since the financial crisis.
Shares in Synchrony rose by 4% on Monday to $31.34. That was about 36% higher than the price at the firm’s initial public offering in July 2014, but 12% off its peak from this past summer.
