GE plans IPO for finance spinoff later this year

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Associated Press

Posted on March 13, 2014 at 6:01 AM

Updated Thursday, Mar 13 at 6:02 AM

FAIRFIELD, Conn. (AP) — General Electric is moving ahead with plans to spin off its North American consumer lending unit, saying that it will complete an initial public offering for the business later this year.

A filing with the Securities and Exchange Commission for the company, to be called Synchrony Financial, estimates proceeds of up to $100 million, a figure primarily used to calculate the filing fee.

The document Thursday did not indicate how many shares will be offered or at what price.

General Electric Co., based in Fairfield, Conn., announced last fall that it would spin off the business, which is part of GE Capital and provides store credit cards through retailers like Wal-Mart. The conglomerate has been shifting its focus more toward industrial equipment and appliances.

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