GE Money Swaps European Operations

Corporate Payment Services was established in 1992 to issue GE's corporate travel, entertainment and purchasing cards to GE employees. It serves more than 300 large corporate clients.

GE is the unit's largest client and has signed a multiyear agreement to become a client of American Express.

GE chief executive Jeff Immelt told investor analysts in December that the conglomerate would consider alternatives to operating parts of GE Money, which generated $25 billion in revenue last year.

GE is evaluating whether to sell or keep its private label credit card and will announce its plans in the second half of the year, Rendine said. If GE sells it, the commercial card would be the only one remaining, he said.

"For us, it's all about scale," Rendine said. "It becomes a sub-scale business and not very strategic."

American Express did not immediately return a call seeking comment.

GE shares closed down 30 cents at $36.83 Thursday.

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