The agency pitched against two unnamed agencies.
Grey will create above-the-line communications, which will include high-profile TV work, as GE Money prepares to rebrand its UK consumer finance division, bringing all of its services under the GE Money banner.
The rebrand will incorporate the integration of Purple Loans, GE's credit company that offers secured loans and mortgages to people with bad credit history.
The finance company, which is best known for its storecard operations, is looking to extend its reach in the UK by capitalising on the growth of online banking by offering loans, mortgages and current accounts via the internet.
GE Money will compete directly against brands such as Egg and Cahoot, which in recent months have both looked to revitalise their operations with ad campaigns and new product development.
In October, GE Money also announced that it had launched a pitch to find a direct marketing agency. The winning shop will create all the below-the-line activity to back the rebranding.
Carat has handled GE's media buying since 2004.
Separately, GE Finance is believed to have appointed Lowe and Tequila\ to its ad account. The agencies beat Abbott Mead Vickers BBDO, Draft and TBWA\London in a pitch handled by the AAR.
In the UK, GE lends £1 out of every £4 borrowed on storecards for retailers including Top Shop, House of Fraser and Laura Ashley.