IMGCAP(1)]
General Electric Co. said it has shelved its plan to sell its private-label credit card business.
"Our plan is we're going to run that," Keith Sherin, GE's chief financial officer, said Thursday on a conference call with analysts. "Right now we don't anticipate that we will be selling that to one party in one transaction."
GE may revisit the idea of selling the business when economic conditions improve, Mr. Sherin said.
The company had 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. In July, GE said that finding a buyer for its private-label business was taking longer than expected.
Last year GE remained the leader among store card issuers, with $37 billion of receivables on Dec. 31, giving it a market share of more than one-third, according to The Nilson Report.
