Wal-Mart, GE Consumer Finance Set to Launch New Private-Label Credit Card in Canada

Business Wire, Oct 2, 2003

Business Editors

MISSISSAUGA, ONTARIO--(BUSINESS WIRE)--Oct. 2, 2003

Wal-Mart Canada and GE Consumer Finance announced today that they will launch the first private-label credit card programs for Wal-Mart and SAM's CLUB stores in Canada beginning this fall.

"We've built a great relationship with Wal-Mart and SAM's CLUB in the United States over the past six years, developed strong relationships in Argentina, Mexico and Brazil and now we're delighted to be part of Wal-Mart's growth plans in Canada," said Stephen Motta, President and Chief Executive Officer, GE Consumer Finance-Canada. With 32 million consumers, "Canada is a very attractive growth opportunity for our business, and partnering with Wal-Mart immediately gives us a strong position in the consumer finance marketplace."

According to Brian Rudderham, Chief Financial Officer for Wal-Mart Canada, "This new credit-card initiative will give SAM'S CLUB members and Wal-Mart customers in Canada the convenience of a new payment option when shopping in our facilities."

The new agreement in Canada includes Wal-Mart's private label consumer credit business and SAM's CLUB's private label consumer, business revolving charge and business direct portfolios. At Wal-Mart, consumers will be offered an activation offer of 90 days, same as cash, for a $499 purchase.

Under the agreement, GE Consumer Finance will provide a full range of services to Wal-Mart, including marketing, risk management, customer service, collections and national field marketing. Wal-Mart Canada accounts will be serviced by GE Consumer Finance's offices in Edmonton and a recently opened office in Toronto.

About Wal-Mart Canada

Established in 1994 and headquartered in Mississauga, Ontario, Wal-Mart Canada operates a growing network of 214 discount department stores across Canada. The company employs more than 59,000 Canadians and was ranked this year as Canada's number-one company for customer service and Canada's most trusted major retailer in surveys conducted by leading public opinion research firm Ipsos-Reid.

About GE and GE Consumer Finance

GE Consumer Finance, a unit of General Electric Company, with $95 billion in assets, is a leading provider of credit services to consumers, retailers and auto dealers in 37 countries around the world. GE Consumer Finance, based in Stamford, Conn. (U.S.), offers a range of financial products globally, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance. More information can be found online at www.geconsumerfinance.com. GE (NYSE: GE) is a diversified services, technology and manufacturing company with operations worldwide. GE Canada has 9,500 employees, 19 major manufacturing plants and 150 sales and service locations across the country. More information about GE can be found online at www.ge.com.