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News

Barclays acquires USD 3.8 bln of Gap's credit card portfolio in US

Friday 27 August 2021 13:42 CET | News

Barclays has announced its United States arm will buy a USD 3.8 billion credit card portfolio from Synchrony Bank, as the UK-based lender seeks to grow its US profits.

 

The co-branded credit card accounts and receivables were issued in partnership with clothing retailer Gap, and the deal is expected to close in the second quarter of 2022. The deal follows an agreement in April 2021 between Barclays and Gap under which they would issue co-branded credit cards to Gap customers in 2022.

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Keywords: Barclays, acquisition, credit card, lending
Categories: Banking & Fintech
Companies:
Countries: United States
This article is part of category

Banking & Fintech

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