Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : Wal-Mart -- Ignore unavailable to you. Want to Upgrade?

To: Marty Rubin who wrote (910)	10/6/1999 8:23:00 AM
From: JakeStraw	Respond to of 1166

U.S. Retail Giant Wal-Mart to Offer Customers New Wal-Mart Store Credit Card; GE Capital to Administer And Finance Wal-Mart Credit Card Program BENTONVILLE, Ark., and STAMFORD, Conn., Oct. 6 /PRNewswire/ -- Wal-Mart, the world's largest retailer, announced today it has launched a Wal-Mart store credit card, the first in the company's 37 year history. The Wal-Mart store card, which will be administered and financed by GE Capital, was introduced this September and rolled out to all 2,500 Wal-Mart locations in the U.S. and Puerto Rico for the 1999 holiday shopping season. A unit of GE Capital, GE Card Services is a leader in providing retail credit card programs and will create the Wal-Mart store card in concert with Wal-Mart's senior management. Edward D. Stewart, president and CEO, GE Card Services, said, ''We're committed to building the Wal-Mart store credit card into a strategic asset for Wal-Mart and into an important service to their customers. We look forward to a successful partnership.'' The agreement represents an addition to the current relationship between Wal-Mart and GE Capital, which has provided SAM's Clubs with a store credit card program. Wal-Mart Stores, Inc. (NYSE: WMT - news) operates more than 2,450 stores and 450 SAM's Clubs in the United States and has 971 units internationally. Globally, the company units are in Argentina (13), Brazil (14), Canada (159), Germany (95), Mexico (435), Puerto Rico (15), the United Kingdom (229), and under joint venture agreements in China (6) and Korea (4). Wal-Mart employs more than 815,000 associates in the United States and 220,000 internationally. In 1998, the company raised and donated more than $127 million for charitable organizations. GE Card Services, a GE Capital company, is a leader in providing credit products and services to retailers and consumers across North America. GE Capital, with assets of more than US$300 billion, is a global, diversified financial services company with 28 specialized businesses. A wholly owned subsidiary of General Electric Company (NYSE: GE - news), GE Capital, based in Stamford, Conn., provides equipment management, mid-market and specialized financing, specialty insurance and variety of consumer services, such as car leasing, home mortgages and credit cards, to businesses and individuals around the world. GE is a diversified services, technology and manufacturing company with operations worldwide. SOURCE: GE Capital -