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SAN RAMON, Calif. -- Chevron Corp. and its subsidiaries, Chevron U.S.A. Inc. and Chevron Credit Bank N.A., have reached agreements to sell their respective proprietary credit-card businesses, the company announced.
Chevron has selected GE Money Bank, N.A. to own and operate its Chevron- and Texaco-branded consumer credit cards, and FleetCor Technologies Operating Co. 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," Shariq Yosufzai, president of Chevron Global Marketing, said in a prepared statement. "We believe GE Money and FleetCor can enhance the payment products we offer our customers."
Chevron said it 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 Corp. Chevron Credit Bank N.A. is a partially owned subsidiary of Chevron U.S.A. Inc. 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.
Based in Stamford, Conn., GE Money, a unit of General Electric Co., is a provider of credit services to consumers, retailers and auto dealers in 55 countries around the world. GE Money 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.
FleetCor processes fuel-card transactions both domestically and internationally. It provides card-processing solutions marketed for the business fleet marketplace through branded products, including CCS, CFN, FleetNet, Fuelman, KeyFuels and Mannatec.