By Jonathan Stempel, Reuters
General Electric Co.’s consumer finance unit on Wednesday said it plans to enter agent banking, hoping to win business from retail banks seeking to outsource their credit card businesses.
The conglomerate’s move into the low-profile but potentially lucrative area comes as MBNA Corp., a force in agent banking, prepares to be acquired by Bank of America Corp. in a $35 billion transaction.
GE’s finance unit is betting that banks won’t want to give some large competitors, especially ones with branch networks, access to their customer credit card relationships.
For this complete story, please visit GE Finance Unit to Start Bank Card Outsourcing.
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