|[January 27, 2012]
GE Capital Retail Bank and ShopNBC Announce Renewal of Consumer Credit Card Program
STAMFORD, Conn. and EDEN PRARIE, Minn. --(Business Wire)--
GE Capital Retail Bank, a consumer lending unit of General Electric
Company (NYSE:GE - News),
and ShopNBC, a multichannel electronic retailer reaching 80 million
cable and satellite homes, announced today the renewal of a multi-year
agreement to continue providing the ShopNBC consumer credit card program
to their customers.
ShopNBC offers customers a unique variety of must-have products,
informative guest experts and entertaining content across TV, Internet,
social and mobile platforms. GE Capital Retail Bank and ShopNBC
initially launched the credit card program in 2006. Since the
introduction, a number of enhancements have been implemented providing
ShopNBC account holders added benefits, including free shipping
promotions, flexible payment options and deferred interest periods for
"We are pleased with the renewal of our consumer credit card program,"
said ShopNBC EVP & CFO Bill McGrath. "GE Capital Retail Bank has a
strong understanding of our business, which has helped to shape the
program over the last six years. They have been a great partner in
helping provide our customers an engaging, shop-with-confidence
experience that keeps them coming back again and again."
"Continuing our relationship with ShopNBC supports our commitment to
provide solutions that customers value and provides our clients with a
competitive advantage," said Margaret Keane (News - Alert), CEO and president of GE
Capital's Retail Finance business.
About ValueVision Media/ShopNBC
ValueVision Media, Inc. operates ShopNBC, a multichannel electronic
retailer that enables customers to interact and shop via TV, Internet,
mobile devices, Facebook (News - Alert), Twitter and YouTube. The ShopNBC television
network reaches over 80 million cable and satellite homes, in addition
to live nationwide streaming at www.shopnbc.com
and iPhone (News - Alert) and Android devices. ShopNBC merchandise is focused on Home &
Consumer Electronics, Health & Beauty, Fashion & Accessories, and
Jewelry & Watches. Net sales for the past 12 months were approximately
$590 million, 45% of which was via the Internet or mobile. Please visit
the company's investor relations website at www.shopnbc.com/ir
for this and other company information.
About GE Capital's Retail Finance business
GE Capital's Retail Finance business is among the country's most
successful retail lenders, with more than 75 years of experience in
consumer financing. The business, which originates loans as a unit of GE
Capital Retail Bank, provides customized credit programs to retailers
and consumers in the United States and Canada that help drive sales.
This includes private label and bankcard credit programs to major
national, regional and independent retailers in the U.S., as well as
private label credit programs, promotional and installment lending,
bankcards and financial services for consumers through dealers;
contractors; manufacturers; healthcare practices; and service providers
across nearly 20 industries. More information can be found at www.gogecapital.com
GE Capital is one of the world's largest providers of credit. For over
one million businesses, large and small, GE Capital provides financing
to purchase, lease and distribute equipment, as well as capital for real
estate and corporate acquisitions, refinancings and restructurings. For
our 100+ million consumer customers, GE Capital offers credit cards,
sales finance programs, home, car and personal loans and credit
insurance. For more information, visit www.gecapital.com
or follow company news via Twitter (News - Alert) @GECapital.
GE (NYSE: GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com.
©2012 General Electric Company, All rights reserved.
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