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General Electric Co. filed a registration statement for the initial public offering of its North American Retail Finance business in what marks the first step toward its planned exit from the business.
Following completion of the IPO, GE Capital Retail Finance Corp. will operate under a new name, Synchrony Financial, the company said in a March 13 news release.
Synchrony is a holding company for the legal entities that historically conducted GE's North American retail finance business. The company offers its credit products primarily through its wholly owned subsidiary, GE Capital Retail Bank, which is to be renamed Synchrony Bank in connection with the offering.
Synchrony...