Banking, finance, and taxes

GE Sells Corporate Payment Services Unit to American Express (GE, AXP)

American Express Co. (NYSE: AXP) and GE Money, part of General Electric (NYSE: GE), have announced that American Express will purchase Corporate Payment Services, GE’s commercial card and corporate purchasing business unit. 

This unit processes corporate credit cards for more than 300 large clients, and GE itself will continue on a multi-year basis to be the units single largest client.  The Corporate Payment Services unit generated over $14 Billion in 2007 total purchase volume around the globe and it maintained some $1.1 billion in receivables at year-end 2007, while billed business has seen a compounded annual growth rate of 18% over the last five year period.

The sale is listed as being $1.1 Billion in cash, so while it is alarge deal it is a drop in the bucket for these two DJIA components.The sale is also expected to be completed by the end of the month.

Jon C. Ogg
March 27, 2008

Travel Cards Are Getting Too Good To Ignore (sponsored)

Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.

We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.

It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.

We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.

AI Portfolio

Discover Our Top AI Stocks

Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.

You can follow him investing $500,000 of his own money on our top AI stocks for free.