GE Money India is seeking a strategic partner for its credit card business, trying to replicate its business model with the State Bank of India (SBI). Its partner in the joint venture is Wizard Home Loans, a non-banking finance company from Australia.
GE Money may also give up its controlling stake in the personal loans and mortgage businesses to its partner if that partner brings in a strong brand, good customer franchise, reach, and additional products to the table.
It already has such tie-ups in Korea, Indonesia, Turkey, Latin America, and India. GE Money has Morgan Stanley scouting for partners, who is believed to have approached players such as Reliance Capital and Indiabulls.
GE Money India has grown its assets at over 45 per cent compound annual growth rate (CAGR) in the last five years.