US oil major Chevron Corporation has entered into an agreement to sell its subsidiaries Chevron USA and Chevron Credit Bank. As part of the deal, GE Money will own and operate its Chevron and Texaco-branded consumer credit cards through the purchase of Chevron Credit Bank, while Fleetcor Technologies will own and operate its branded commercial credit cards through the purchase of Chevron USA.
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, said Shariq Yosufzai, president of Chevron Global Marketing. We believe GE Money and FleetCor can enhance the payment products we offer our customers.
Following completion of the transaction, Chevron will proactively collaborate with GE Money and global fleet card company 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.
Financial details of both transactions have not been disclosed.