Synchrony Financial completed its separation from General Electric, allowing the financial services company to become a standalone entity. In related news, GE completed its exchange offer for shares of Synchrony.
“This is an historic day for Synchrony Financial,” said Margaret Keane, president and CEO of Synchrony Financial. “Today we launch the next stage in our company’s future – pursuing a long-term strategy focused on Synchrony’s business objectives as a stand-alone company. I am very proud of our employees, who have prepared us for this day, while continuing to serve our partners and customers and to grow our business.”
Synchrony Financial will also become the newest member of the S&P 500. S&P Dow Jones Indices announced its intent to add Synchrony Financial to the S&P 500 after the close of trading on November 17.
The results of GE’s exchange offer revealed that the common stock owned by GE was oversubscribed by 3.2 times.
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