GE Capital Retail Bank, an operating unit of the General Electric Company (GE - Analyst Report), recently penned a multi-year contract to provide its private label credit card program to American Signature Inc., a privately owned furniture company based in Columbus, Ohio. The contract entails American Signature customers to avail credit facilities at over 126 furniture stores located across 19 states in the U.S.
American Signature offers an entire range of furnishings and household accessories under leading brands such as Value City Furniture and American Signature Furniture. The company designs and manufactures products in three manufacturing facilities and operates five distribution centers. Since its inception in 1948, American Signature has provided a wide assortment of contemporary, modern, casual, country, traditional and luxurious styles of furniture. In addition to wood and upholstered home furnishing collections, its retail stores also showcase beddings and mattresses.
The private label credit card by GE Capital Retail Bank will offer customers exclusive saving events and opportunities through advanced notice of sales events, access to online account management and other special financing terms and conditions, such as convenient minimum monthly payments.
Over the years, GE Capital Retail Bank has provided a plethora of customized credit programs to retailers to augment sales. At the same time, it supported the client and dealer networks with access to proprietary online technology such as Business Center, which provided valuable insights to General Electric’s marketing and sales tools; and Learning Center, which offered a comprehensive training tool for dealers.
General Electric is one of the largest and the most diversified technology and financial services corporations in the world. With products and services ranging from aircraft engines, power generation, water processing, and security technology to medical imaging, business and consumer financing, media content and industrial products, the company serves over 100 million customers worldwide.
Its segments include Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Home & Business Solutions, and GE Capital. With 80 years of experience in consumer financing, GE Capital’s Retail Finance business is one of the most successful retail lenders in the U.S. It offers private label and bankcard credit programs to leading national, regional and independent retailers in the U.S., as well as private label credit programs, promotional and installment lending, bankcards and financial services for consumers through dealers; contractors; manufacturers; healthcare practices; and service providers.
General Electric currently has a Zacks Rank #3 (Hold). Other companies in the industry worth mentioning are Crane Co. (CR - Analyst Report), Macquarie Infrastructure Company LLC (MIC - Snapshot Report), and United Technologies Corp. (UTX - Analyst Report), each carrying a Zacks Rank #2 (Buy).