GE Money moves HQ to UK capital

GE Money's headquarters will move from Connecticut to London

GE Money, the personal finance arm of US conglomerate General Electric, is moving its global headquarters to London from the United States.

The company currently provides credit cards and mortgages to 10 million customers in the UK and has revenues of $25bn (£12bn) a year.

Last year the division made half of its profits in Britain.

The move corresponds to the appointment of a new US chief executive who is already based in London.

William Cary, an American who has worked for GE for 21 years, succeeds David Nissen, who is retiring.

It is a boost to London's bid to become the world's financial capital, overtaking New York.

"The move will mean we are closer to our customers and our businesses and that's what's important to us," a GE Money spokesperson told the BBC.

GE Money currently employs 4000 people in the UK but the move is not expected to create a substantial number of new jobs.

200 people work in the company's existing headquarters in Stamford, Connecticut, the majority of whom will remain.

A limited number of senior executives will join the new chief executive in London, the company said.