Goldman Sachs to issue credit cards for General Motors By Reuters

© Reuters.

(Reuters) – Goldman Sachs Group Inc (NYSE:) said on Friday it expects to become the issuing bank for automaker General Motors Co (NYSE:)’s credit card business, starting September this year.

Media reports in October said that Goldman had won the bidding over Barclays (LON:) Plc for the automaker’s credit card business in a $2.5 billion deal.

Goldman and GM did not disclose the terms of the deal but said that Mastercard Inc (NYSE:) will remain the network for the card.

The deal will enhance Goldman’s focus on its consumer banking business, which it is expanding to even out volatile results from segments such as trading and investment banking.

This is the bank’s second major credit card partnership, following the launch of a card with Apple Inc (NASDAQ:) in 2019.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Related Articles

Back to top button