General Electric Targets Retail Finance IPO by End of July
General Electric is targeting an IPO of its North American Retail Finance division into a partially separated business by the end of July.
General Electric is targeting an IPO of its North American Retail Finance division into a partially-separated business by the end of July. The company, to be called Synchrony Financial, is expected to generate $3.1 billion at its mid-point. A complete separation is targeted for late 2015. Until then, GE will retain around $17 billion of the business’ total worth. This marks the company’s first step in slimming down GE Capital, decreasing the size of its non-core portfolio. Through repositioning efforts, GE is on track to meet its goal of $1 billion in structural cost-cutting over 2014. In the first half, cost-cut totaled $382 million.
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