What is the connection between GECRB and Synchrony Bank?


Quick Answer

In June 2014, GE Capital Retail Bank changed its name to Synchrony Bank, reports Bloomberg Business. Synchrony Bank is a subsidiary of Synchrony Financial, which was founded in 1932, as noted by Synchrony Financial.

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Full Answer

Synchrony Bank is a federal savings bank headquartered in Draper, Utah, according to Synchrony Financial. It is also a member of the Federal Deposit Insurance Corporation. Synchrony Bank provides credit card services, promotional financing and installment lending, and loyalty programs. Synchrony Financial, the bank���s parent company, has over 60 million customer accounts and reported $103 billion in financed sales in 2014. It also has 11,000 employees and $35 billion in deposits in FDIC-insured certificates of deposit, money market accounts and savings.

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