Barclays is buying a $ 3.8 billion portfolio of Gap retail credit cards from Synchrony Financial, underlining the British bank’s ambitions to beef up its US consumer business.
The deal, announced Friday, comes four months after the British banking giant had struck a deal with Gap to become the retailer’s credit card issuer starting in May 2022. Synchrony currently issues co-branded and private-label credit cards for Gap and its affiliates, but the two are parting ways after talks to renew their partnership faltered.
Barclays CEO Jes Staley has prioritized investing in the bank’s US consumer business.
Bloomberg
Read Also
- What are the economic proposals of Gustavo Petro and Rodolfo Hernández that are best for Colombia May 30, 2022
- European capitals will compete for the “green crown” Jul 2, 2021
- The story of Jensen Huang, the CEO of Nvidia who was chosen in the top 100 of Time Sep 19, 2021
- Fintech Wise advances in direct listing in win for London Jul 7, 2021
- Car incentives, new funds of 300 million for the extension Jul 4, 2021
- Alexandre Pato’s confessions: his night in a sex hotel, the failure in Europe and the party with drugs that changed his life May 31, 2022
- What if Tesla’s double support turned into a double bottom? May 30, 2021
Gap’s other brands include Old Navy, Banana Republic and Athleta, and the total portfolio had about $ 3.8 billion in average receivables as of June 2021. Barclays says it expects to complete the portfolio acquisition in the second quarter of next year.