by Diana Bradley
General Electric spinoff Synchrony Financial, formerly known as GE Capital Retail Finance, has appointed Prosek Partners as AOR to promote its new brand identity.
Synchrony, which went public last July as part of GE’s efforts to focus on its core non-financial businesses, issued an RFP in December. Several firms pitched, and the company brought on Prosek in mid-March, said agency MD Josh Passman.
"Synchrony has a unique opportunity ahead of it to create and promote its new brand identity and distinctive culture to the marketplace," he said. "Prosek was engaged by Synchrony to establish and execute a PR strategy to position, promote, and protect the company and reflect what Synchrony stands for, as well as the value it brings to businesses and consumers."
Prosek will help the company, which is the largest provider of private-label credit cards in the US, with its full range of product lines, including retail advisory services and its direct-to-consumer healthcare credit card, said Passman.
The firm will provide Synchrony with media relations, thought leadership, issues management, and IR assistance. It will also support overall corporate, product, and brand positioning.
Passman confirmed that there was no outgoing agency on the account. A Synchrony representative was not immediately available for comment.
Budget information on the account was not disclosed.
As of mid-April, Synchrony’s stock had surged 33% since its IPO. The company’s first quarter net earnings were $552 million, compared with $558 million in Q1 2014.
Earlier this month, GE said it will shed most of its finance unit including Synchrony and return as much as $90 billion to shareholders as it becomes a "simpler" industrial business instead of a hybrid of banking and manufacturing. GE still owned 85% of Synchrony after its IPO.
Prosek has aided other brands through transition periods, such as ING US when it rebranded as Voya Financial, Passman said.