FAIRFIELD (dpa-AFX) - General Electric Co. (GE) Thursday said it successfully executed the Initial Public Offering of its North American Retail Finance business, Synchrony Financial (SYF).
In a statement, GE's Chairman and CEO Jeff Immelt said, 'The Synchrony offering is an important first step in our planned, staged exit from the business. We continue to target completing our exit in late 2015 through a capital-efficient split-off transaction. '
The IPO extends the company's goal to position GE Capital as a smaller, safer specialty finance leader, and achieve 75 percent of the firm's earnings from its Industrial businesses by 2016.
'With a strong, competitively advantaged set of Industrial businesses and a valuable, commercially focused financial services business, we believe our portfolio will deliver valuable growth for shareholders for years to come,' Immelt added.
SYF settled flat on Thursday at $23.00.
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