After credit cards and home loans, GE Money is now seeking a partner for its personal loans and mortgage portfolio, housed in a fully-owned subsidiary. The company has brought back veteran Iqbal Singh to lead its business in India. 

''We want to build scale and reach through strategic partnerships,'' said a company spokesman in response to an emailed questionnaire.

''We expect the new partner to help expand our network and customer base along with brand value, key factors for future growth,'' added the spokesman.

GE Money has mandated Morgan Stanley to scout for partners, and is believed to have approached players such as Reliance Capital [Get Quote] and Indiabulls [Get Quote]

It is willing to give up controlling stake in the personal loans and mortgage businesses to the strategic partner if the latter brings in a strong brand, good customer franchise, reach and additional products to the table. It already has such tie-ups in Korea, Indonesia, Turkey, Latin America and India.

GE Money India has grown its assets at over 45 per cent CAGR in the last five years.

In the past also, GE Money tied up with large retailers to launch finance programmes or cards under their name. The market, however, is not impressed by its moves. ''They just want to get out of these businesses. They have not been able to grow the business. GE Money's strategy is to either be a significant player or get out of that market,'' said an observer.

In personal loans, Citi Financial is a leader while new players such as Indiabulls Financial have emerged as big players in loans against shares (mortgages). Shriram Transport Finance leads in financing of commercial vehicles.

In November 2007, GE Money withdrew from the low-margin consumer durables financing business, which is not viable. The other theory doing the rounds is that GE Money is looking for a partner in India to infuse capital to grow the business.

GE Money, however, maintains that it is committed to India. ''It's an exciting time to be in India. We will continue to establish GE Money as the partner of choice to both Indian consumers and business partners,'' said the GE Money spokesman.

''We will continue to build on our successful partnership with SBI Card, invest in our fast-growing Wizard Home Loans JV, as well as to seek growth opportunities in other segments,'' the spokesman added.

GE Money's decision hasn't excited prospective suitors. ''We won't be interested in paying a premium for GE Money's assets. If there's a distressed sell, we could be interested,'' said the CEO of a leading non-banking finance company.