Mumbai, Sept. 5: GE Consumer Finance today launched GE Money in Mumbai. GE Money is the new global umbrella brand for all GE businesses providing consumer financial services.

All existing GE Countrywide products will henceforth be sold as GE Money.

GE Consumer Finance is eyeing an asset book of around Rs 17,000 crore over the next three years.

The move is part of a global re-branding exercise to take GE Money to all 47 countries where GE Consumer Finance operates. India is one of the first countries globally and the first in Asia to adopt the new branding.

The GE Money brand was introduced in the country in December 2004 with the launch of two home loans and personal loans targeted at affluent individuals.

All existing GE Countrywide products, including auto loans, consumer durable, two-wheelers, personal loans and loans against property, are also being consolidated under the GE Money brand.

However, the joint ventures with SBI Card and Maruti will continue to use their existing branding.

GE Consumer Finance is looking forward to grow by over 25 per cent now that the brand transition is over. The optimism comes on the back of the robust growth in the Indian economy and increased spending, particularly by the younger, affluent working class.

GE Money now operates a consolidated balance sheet in India and has Rs 5,600 crore ($1.3 billion) in consumer finance assets. The targeted growth in the consumer finance assets is three times this figure.

“We have been growing at 25 per cent and we expect this to accelerate. The evolution of a younger, affluent working class is triggering a consumer boom that is fuelling economic growth. Individuals today are less averse to seeking credit to live a better lifestyle than 10 years ago.”

He added that the customer base in western India is growing by more than 30 per cent over last year.