GE Money Signs European Deal with Ryanair

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.



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.