GE files for IPO of consumer finance unit

|By:, SA News Editor

After the completion of the IPO, GE Capital Retail Finance will operate under the name Synchrony Financial and will trade on the Big Board under the symbol SYF. The move will go a long way into making GE less a bank and more an industrial play.

The size of the IPO isn't yet listed, but previous plans were to sell about 20% of the unit (with full unit valuation in the area of $20B) this year, with a complete exit from retail finance in 2015 through a spinoff of the rest to shareholders.

GE +0.35% premarket

SEC Form S-1