GE Money Retail Consumer Finance, the US financial services subsidiary of General Electric, has announced an extension of its consumer credit card tie-up with Wal-Mart, the world’s largest retailer.
Under the terms of the deal, GE and Wal-Mart willl continue to offer a range of consumer and commercial cards via a relationship which initially began in 1999 with the launch of the Wal-Mart store card.
The wider consumer card programme offers benefits including a 1 percent cash back on the Wal-Mart co-branded dual card and fuel discounts.
On 17 July, GE reported net income of $5.58 billion for the six months to 30 June, a fall of 43 percent, dragged down by financial arm GE Capital, which saw profit fall 80 percent to $590 million.
Mortgage delinquencies continued to rise sharply, with 30 days or higher delinquencies up from 11.8 percent in the first quarter to 13.23 percent in the second.
Non-mortgage delinquencies fell from 6.02 percent to 5.92 percent over the same period. The company also played down suggestions that the planned US financial services overhaul would force it to dispose of GE Capital.