Synchrony Financial completed its separation from General Electric, allowing the financial services company to become a standalone entity. In related news, GE completed its exchange offer for shares of Synchrony.
GE announced a final exchange ratio in connection with its offer to exchange GE common stock for Synchrony Financial common stock owned by GE. Goldman Sachs, J.P. Morgan Securities and others served as dealer managers for the exchange offer.
GE said Synchrony Financial has received approval from the Fed to become a standalone savings and loan holding company and to retain control of Synchrony Bank, following completion of GE’s proposed exchange offer.
Synchrony Financial, formerly GE Capital Retail Finance, announced a multi-year agreement with American Underwater Products to launch a new consumer credit card for the purchase of scuba and dive equipment.
Holiday sales are expected to grow 3.5%, according to Synchrony Financial. This estimate is in line with the 10-year historical average of 3.3%.
Bloomberg reported, citing people with knowledge of the matter, that General Electric plans to seek as much as $3.5 billion in the initial public offering of its North American consumer-lending business, now called Synchrony Financial.