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General Electric's 'Synchrony Financial' Files For IPO

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General Electric's 'Synchrony Financial' Files For IPO

General Electric (NYSE: GE) is finally exiting from the retail finance business. The company's credit card unit, Synchrony Financial, on Wednesday filed for an initial public offering.

GE had originally announced its plans to create a separate entity or a publicly traded company back in November of 2013. At that time, it had been estimated that the company would be valued at $16 to $18 billion. According to Reuters, Synchrony Financial is expected to list its stock under the symbol "SYF" on the New York Stock Exchange.

GE has said that it plans on floating up to 20 percent of the credit card business from the IPO, and plans to exit the whole industry by 2015.

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According to Reuters, Synchrony has 62 million active accounts, and net earnings of $2 billion, according to its filing.

The reports said GE is hoping to narrow its scope to focus on its specific divisions and better compete with its competitors.

Shares of GE are fairly neutral at $25.72 per share.

Posted-In: Reuters Synchrony FinancialNews IPOs Best of Benzinga

 

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