Barclays Bank has acquired the General Motors credit card business from its current issuer, Goldman Sachs.
The GM credit card portfolio, which launched in 1992, holds the largest customer base of any automaker in the United States. This new partnership will enhance Barclays’ credit card portfolio in the US and support its growth strategy focused on partnerships with leading American brands.
As part of the agreement, Barclays will take over the card program’s receivables from Goldman Sachs next year, though specific terms of the deal have not been disclosed.
Goldman Sachs previously beat Barclays in a competitive bid in 2020, securing GM’s credit card business in a multi-year deal valued at approximately $2.5 billion. Nevertheless, due to increasing losses from its broader retail ventures, Goldman has been seeking to divest the General Motors credit card program since November. The bank is also in discussions with JPMorgan regarding the potential sale of its stake in Apple’s credit card business.