Chevron to Sell Proprietary Credit Card Businesses to GE Money and Fleetcor
SAN RAMON, Calif., Aug. 30, 2007 -- Chevron Corporation (NYSE: CVX) today announced that its subsidiaries Chevron U.S.A. Inc. and Chevron Credit Bank, N.A. reached agreements to sell their respective proprietary credit card businesses. Chevron has selected GE Money Bank, N.A. to own and operate its Chevron®- and Texaco®-branded consumer credit cards and FleetCor Technologies Operating Company, LLC to own and operate its branded commercial credit cards. The transactions are subject to certain approvals, including regulatory, and are expected to close later this year.
"We have a strong base of loyal customers with our proprietary credit card business and are making this change to ensure they continue to have access to the latest features and options available within the credit card market," said Shariq Yosufzai, president of Chevron Global Marketing. "We believe GE Money and FleetCor can enhance the payment products we offer our customers."
Chevron will proactively collaborate with GE Money and FleetCor to continue to manage the overall customer experience, brands and image of its branded credit cards.
"The credit card business environment is changing rapidly," said Danny Roden, vice president of Chevron North America Marketing. "Consumers' usage patterns are changing and they are looking for new payment products and features. Our goal is to provide payment products that attract and retain consumers, marketers and retailers."
Chevron U.S.A. Inc. is an indirect, wholly owned subsidiary of Chevron Corporation. Chevron Credit Bank, N.A. is a partially owned subsidiary of Chevron U.S.A. Inc. Chevron Corporation, one of the world's leading integrated energy companies, has approximately 58,000 employees, and Chevron's subsidiaries conduct business in approximately 180 countries. Chevron operates across the entire energy spectrum—exploring for, producing and transporting crude oil and natural gas; refining, marketing and distributing fuels and other energy products; generating power; designing and marketing large-scale energy efficiency solutions and assessing the energy resources of the future, including biofuels and other renewables. Chevron is based in San Ramon, Calif. More information on Chevron is available at www.chevron.com.
With more than $190 billion in assets, GE Money, a unit of General Electric Company (NYSE: GE), is a leading provider of credit services to consumers, retailers and auto dealers in 55 countries around the world. GE Money, based in Stamford, Conn., offers a range of financial products, 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 at www.gemoney.com.
FleetCor processes fuel card transactions both domestically and internationally. FleetCor provides card processing solutions marketed for the business fleet marketplace through branded products including CCS, CFN, FleetNet, Fuelman, KeyFuels and Mannatec. More information can be found at www.fleetcor.com.
CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.
This news release contains forward-looking statements about the planned sales of Chevron's branded consumer and commercial credit card businesses. The statements are based on management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the factors that could cause actual results to differ materially are the length of time required to complete the sales; successfully securing the necessary regulatory approvals; actions of the buyers after the planned sales; and general economic and political conditions. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Updated: August 2007