General Electric (GE) has filed for an initial public offering (IPO) of its North American Retail Finance business, as part of the company’s planned staged exit from that business.
Following the completion of the IPO, the business will operate under the brand name Synchrony Financial.
Synchrony offers products such as store credit cards for companies like Wal-Mart Stores and Amazon.com.
Through the IPO, GE looks to raise $3.5bn and seek a valuation of $20-25bn for the unit, which will be used to repay debt, increase capital and invest in liquid assets.
According to GE, complete exit from the Retail Finance business will take place through a split-off transaction in 2015.
GE may also decide to exit by selling or otherwise distributing or disposing of all or a portion of its remaining interest in the business.