Daily News: August 1, 2014

GE’s Retail Finance Arm Raises $2.9B in IPO

The New York Times reported General Electric‘s retail lending arm, the financial power behind the private-label credit cards for the Gap and Amazon.com, raised about $2.9 billion in its IPO, as it moves to shrink its finance division.

According to the Times , the business, now known as Synchrony Financial, priced its shares at $23 each, at the low end of its expected price range. That values the newly independent company at $19.1 billion.

To read the entire Times article, click here.