Retail credit provider GE Capital Retail
Consumer Finance has announced a multi-year agreement to provide
consumer credit card programmes for US retailer group, The TJX
Companies.
GE Capital, the consumer lending unit of
global infrastructure, finance and media company General Electric,
will oversee the TJX Rewards credit card programme, which will
include private label credit cards and a co-branded MasterCard
programme.
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The lending unit has also acquired a $400m
portfolio of existing card programme assets from JP Morgan Chase.
Financial terms of the deal were not disclosed.
The transaction is expected to close in the
second quarter of 2011.
“[This agreement] will broaden our portfolio
with a terrific retailer and accelerate the growth of what is a
high performing, core business for GE Capital,” said Margaret
Keane, CEO and president of GE Capital Retail Consumer Finance.
TJX operates over 2,000 T.J. Maxx, Marshalls
and HomeGoods stores in the US.
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