GE Capital Retail Bank Announces New Agreement to Provide Credit Card Program for Toys"R"Us
GE Capital Retail Bank (NYSE: GE) today announced a definitive multi-year agreement to provide the consumer credit card program in the United States and Puerto Rico for Toys“R”Us, the world's leading dedicated toy and juvenile products retailer.
GE Capital's Retail Finance business, the operating entity that provides financial solutions to retailers to help grow their customer sales, will manage the Toys“R”Us relationship and service the account.
The Toys“R”Us credit card program, which launches in June 2012, will include a private label credit card and a co-branded card, providing qualifying cardholders with benefits and convenience, as well as the opportunity to earn special rewards for purchases made at any one of the 879 Toys“R”Us and Babies“R”Us stores nationwide or online at Toysrus.com. GE Capital's Retail Finance business works with retailers to provide financial solutions to their end customers that help build the retailer's business.
As part of the deal, GE Capital Retail Bank will also acquire the existing card program assets of approximately $900 million from JP Morgan Chase. Financial terms were not disclosed.
