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IPO filed for GE’s U.S. Consumer Lending Unit

General Electric Company (NYSE:GE) filed for an initial public offering to spinoff its U.S. consumer lending business. The spinoff is an attempt to reduce the size of GE Capital. The U.S. consumer lending business will rename itself as “Synchrony Financial” and operate under the ticker symbol “SYF” when it lists on the NYSE later this year.  Synchrony issues credit cards to consumers and currently has 62 million accounts. In addition, according to the NY Times, the unit saw an increase in net interest income for four consecutive years. The underwriters of the IPO believe that the company can be worthy around $16-$18 billion.