GE Money gets banking licence
Consumers can expect a new range of credit cards to choose from GE Money. GE Money is the rebranded consumer finance arm of GE Capital Australia and has become the first non-traditional lender to obtain a banking licence under Australia's reformed payments system. Three of its subsidiaries were granted licences by APRA to undertake banking business: GE Capital Finance Australia, GE Capital Consumer Card Co. and Australian Guarantee Corp. The licences will allow the companies to issue credit cards and to provide credit-card transaction access to retailers. GE Money is expecting a very strong market for credit cards over the next six months and is optimistic about other opportunities in consumer finance.