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Synchrony Financial (NYSE: SYF) is a leading consumer financial services company in the United States, known for providing private-label credit cards. Established in 1932, Synchrony has grown to be the largest provider of private-label credit cards based on purchase volume and receivables. The company offers a wide range of credit products through partnerships with national and regional retailers, local merchants, manufacturers, buying groups, industry associations, and healthcare service providers. These products include private-label credit cards, promotional financing, installment lending, loyalty programs, and FDIC-insured savings products under the brand Optimizer+Plus.
Synchrony operates through three main segments: Retail Card, which includes private-label and co-branded general-purpose credit cards; Payment Solutions, which offers promotional financing for large-ticket purchases; and CareCredit, focused on financing for elective healthcare procedures.
With over 300,000 partner locations across the US and Canada, including physical stores, websites, and mobile applications, Synchrony provides financial flexibility to a broad customer base. The company's digital capabilities enhance customer experience and drive growth for its partners.
Recent achievements highlight Synchrony's strategic partnerships and innovation. In March 2024, Synchrony completed the sale of Pets Best Insurance Services to Independence Pet Holdings (IPH), retaining an equity stake and strengthening its position in the pet insurance market. Additionally, Synchrony partnered with Skipify to enhance the checkout experience for its cardholders and introduce digital wallets to streamline online shopping.
In April 2024, Synchrony announced a new installment financing partnership with BRP US Inc., expanding its consumer base in the powersports market. Furthermore, Synchrony renewed its agreement with Affordable Care, LLC, continuing to offer CareCredit at over 450 dental practices, thereby broadening access to dental care financing.
Synchrony's financial health remains robust, as evidenced by its Q1 2024 results and ongoing share repurchase programs, which underscore the company's commitment to delivering value to shareholders. The company's dynamic financial ecosystem, innovative digital solutions, and diverse set of financing options continue to position it as a leader in the consumer financial services sector.
Synchrony (NYSE: SYF) will participate in the KBW Fintech Payments Conference on February 28, 2023, at 8:00 a.m. (Eastern Time). President and CEO Brian D. Doubles and CFO Brian J. Wenzel will be featured in a fireside chat. A live webcast of the event will be accessible on Synchrony's Investor Relations website. Synchrony is a leading consumer financial services company, offering digitally-enabled products across various industries, including retail and healthcare. For more information, visit www.synchrony.com.
Synchrony (NYSE: SYF) announces that CFO Brian J. Wenzel will participate in a fireside chat during the Credit Suisse 24th Annual Financial Services Forum on February 14, 2023, at 4:05 p.m. ET. A live webcast and replay of the event will be available on the Synchrony Investor Relations website at www.investors.synchronyfinancial.com. Synchrony is recognized for its comprehensive digital financial services tailored to various industries.
Synchrony (NYSE: SYF) announced a commitment of $100 million to Ariel Alternatives' Project Black, designed to support and scale minority-owned businesses. This initiative aligns with Synchrony's ongoing efforts to enhance equity among diverse enterprises. Project Black will convert middle-market companies into certified minority business enterprises (MBEs) and aims to boost supplier diversity for Fortune 500 firms. The investment reflects Synchrony's dedication to fostering inclusivity and driving economic growth for underserved communities.
Synchrony Financial (NYSE: SYF) announced a quarterly cash dividend of $0.23 per share of common stock. This dividend will be payable on February 17, 2023, to shareholders who are on record as of February 6, 2023. Additionally, the Board declared a dividend on the 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, amounting to approximately $14.06 per share, payable on February 16, 2023, also to holders of record at the close of business on February 6, 2023. These announcements reflect the company's commitment to returning income to shareholders.
Synchrony (NYSE: SYF) and Rooms To Go have renewed their strategic financing partnership, enhancing the shopping experience for consumers. This multi-year agreement enables Rooms To Go cardholders to access industry-leading digital account management features, special financing options, and private discounts. The partnership has driven repeat sales growth for Rooms To Go, with a focus on simplifying financing applications. Synchrony aims to leverage insights and new payment solutions to enhance customer satisfaction.
Synchrony Financial (NYSE: SYF) announced its fourth-quarter 2022 results on January 23, 2023, revealing key financial metrics for the period ending December 31, 2022. The earnings report and supplementary materials are accessible on their investor relations website. CEO Brian Doubles and CFO Brian Wenzel Sr will discuss the results and outlook in an audio webcast available online. Synchrony provides a comprehensive suite of digitally-enabled consumer financial services across various industries, emphasizing their partnerships with retailers and service providers to deliver tailored financing solutions. For more details, visit their official website.
Synchrony (NYSE: SYF) has announced a renewed partnership with Bassett Furniture (NASDAQ: BSET) to launch a multi-year financing program. This initiative enables consumers to access promotional financing at Bassett's 92 stores. The program leverages Synchrony's advanced data analytics and technology, enhancing the financing application process and customer experience. As part of the HOME Network™, Bassett will have access to exclusive marketing channels, aiding in customer engagement. This collaboration aims to drive loyalty, growth, and streamline the purchasing path for consumers.
Synchrony (NYSE: SYF) is set to report its fourth quarter 2022 financial results on January 23, 2023. The earnings release and related materials will be available on the company's Investor Relations webpage at approximately 6:00 a.m. Eastern Time. Additionally, a conference call to discuss these results will occur at 8:00 a.m. Eastern Time on the same day, with access through the same website.
The Pets Best Pet Parenthood Today study reveals significant insights from over 1,400 pet owners on how pet ownership impacts emotional well-being and financial considerations. Key findings show that 83% of pet parents report increased happiness, and those with pet health insurance spend more quality time with their pets. Additionally, 57% prefer employers valuing pet ownership. Younger generations express anxiety regarding pet care costs, yet show openness to pet health insurance as a viable solution. Pets Best continues to provide comprehensive pet insurance solutions for peace of mind.
On December 15, 2022, Synchrony (NYSE: SYF) announced that Margaret Keane will retire as Executive Chair of the Board effective April 3, 2023. She has led the company since 2015 and served as Executive Chair since April 2021. Jeffrey Naylor, a board member since 2014 and Lead Independent Director since 2021, will succeed her. This leadership transition is part of Synchrony's succession planning, ensuring continuity. CEO Brian Doubles praised Keane's contributions and expressed confidence in Naylor's leadership as the company focuses on growth and customer experience.
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