GE Money, the global consumer lending unit of GE and Ryanair today
announced that they have signed a deal which will see GE Money provide
co-branded credit cards for Europe's largest low fares airline, across
a number of European Markets.
The new Ryanair credit card was formerly launched today in the UK
and will be introduced later in the year in two additional markets,
Poland and Sweden. The agreement, which positions GE Money as
Ryanair's European credit card partner, also allows for the roll out
of the card across other markets where Ryanair and GE Money operate.
The card will be issued in association with Mastercard in the UK and
will be available through Ryanair.com and at selected airports.
Cardholders will benefit from a rewards programme, based on their
usage and spend, which will allow them redeem free flights across
Ryanair's extensive network of over 500 routes. Consumers can also
transfer from an existing credit card provider to the Ryanair
Mastercard with a 0% offer for 6 months on all balance transfers.
Commenting on the agreement Des O'Shea, Chief Commercial Officer
of GE Money EMEA said;
"We are delighted to be selected by Ryanair as their partner of
choice for its credit card. Both our organisations have an extensive
presence across Europe coupled with an extensive customer base. We are
also high growth companies with a keen focus on delivering value to
the customer.
Our pan-European presence puts us in a unique position to offer
partners, like Ryanair, best in class product knowledge and expertise
with local market know-how. The development of these partnerships is a
key platform of our organic growth strategy for the EMEA region."
Michael Cawley, COO and Deputy CEO of Ryanair said;
"Ryanair's new GE Money credit card is the icing on the cake for
our passengers who already enjoy Europe's lowest fares and best
punctuality. This card offers competitive rates, free flights and a
programme full of rewards for our millions of loyal customers".
GE Money has over 130 million customers worldwide with operations
in 54 countries, earnings of US $3.5 billion and assets of $190
billion. It operates multi market partnerships that include Apple,
Dell, eBay/PayPal, Expert, Walmart (ASDA), Avon, Kia, Debenhams
and the Metro Group in the EMEA region.
Ryanair is Europe's largest low fares airline and in the coming
year will carry over 50m passengers on 512 routes across 136 airports
in 26 countries with a fleet of 137 brand new Boeing 737-800 aircraft.
Editors Notes:
About GE Money
GE Money a unit of General Electric Company, with $190 billion in
assets, is a leading provider of credit services to consumers,
retailers and auto dealers in 54 countries around the world. GE Money,
based in Stamford, Conn., offers a range of financial products
globally, including private label credit cards, personal loans, bank
cards, auto loans and leases, mortgages, corporate travel and
purchasing cards, debt consolidation and home equity loans and credit
insurance. More information can be found online at www.gemoney.com
GE Money EMEA
GE Money first established a presence in EMEA in 1992. Today GE
Money operates in 25 countries in the region and employs over 24,000
employees. GE Money EMEA has assets of $88.7 billion (2006) and NI of
$1.6 billion. The region accounts for approximately 45% of the total
global assets of GE Money.