July 31, 2014 / 1:55 PM / 3 years ago

GE credit card unit Synchrony makes muted debut on NYSE

July 31 (Reuters) - General Electric Co’s credit card unit, Synchrony Financial, made a muted debut on the New York Stock Exchange on Thursday as investors remained ambivalent about a consumer-led U.S. economic recovery.

Synchrony, the largest provider of private label credit cards in the United States, raised $2.88 billion in the biggest U.S. initial public offering of the year so far.

Synchrony’s shares touched a high of $24 before slipping to $22.75, just below the offer price of $23 per share.

The sale of the business is part of GE Chief Executive Jeffrey Immelt’s plan to exit the North American retail finance sector and slim down GE Capital, whose problems during the financial crisis threatened to bring down the whole company. (Reporting by Amrutha Gayathri in Bangalore; Editing by Ted Kerr)

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