GE Money prepares to enter deposit and credit card markets

The firm's parent, General Electric, has an AA+ rating, putting it on a par with sovereign debt and above the banks. It is the strength of this rating which GE Money is keen to leverage in the local market.

"From our point of view, being owned and funded by an AA+ rated parent actually is, and should be, a competitive advantage and indeed is what we think will be a very strong value proposition for New Zealanders," GE Money managing director New Zealand Greg White says.

GE Money describes itself as the largest non-bank finance  and its portfolio includes home loans; general insurance; retail sales finance; as well as car and personal loans.