GE Money Savings still bullish on RP

Despite its failure to acquire credit card firm Bankard, GE Money Savings Bank remains bullish on its plan to issue credit cards as part of its retail products.

GE Money Savings is a subsidiary of US-based GE Consumer Finance (GECF), the financial services unit of industrial giant General Electric.

GE Money president and chief executive officer Ben Kua said they will launch their own credit card despite earlier failing to acquire Bankard from the Rizal Commercial Banking Corp. (RCBC).

But Kua did not reveal who they would tap among the leading card issuers that include MasterCard and Visa International.

"We have the ability to do a start-up," Kua said during the signing ceremony of the bank’s partnership with Let’s Go Foundation for its corporate social responsibility (CSR) program.

Bankard and GECF started talks earlier this year but no agreements could be arrived at. Both parties refused to reveal what caused the snags.

GE Money started the reorientation of its 30 branches with emphasis on marketing and customer service. Of the total operation branches, 19 are located in Metro Manila and 11 in areas outside Metro Manila.

GE Money entered the Philippine market when it acquired Keppel Bank Philippines last December 2005 and renamed it GE Money Bank.

It also started talks with possible strategic partners or marketing arrangements with life and non-life insurance companies.

The newest entrant in the Philippine thrift banking system reported a double-digit growth in income in the past nine months. However, absolute figures remained unavailable under strict corporate regulations.

With operations in 47 countries and a solid footprint in Asia, the Philippines will serve as a strategic cornerstone of GE Money’s Southeast Asian strategy. In addition to the Philippines, GE Money’s Asia operations include Japan, China, Korea, Taiwan, Thailand, Indonesia, Singapore, Hong Kong, India, and Vietnam.

GE Money is also known as a strong advocate in risk management, analytics and solid business management practices, including Lean/Six Sigma. GE is a Triple-A rated company with over 150 years of history.