Barclays to Acquire GM Credit Card Business from Goldman Sachs, Expanding Its US Consumer Portfolio

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London, October 17, 2024Barclays Bank has secured a pivotal deal to acquire the General Motors (GM) credit card business from current issuer Goldman Sachs, further solidifying its position in the US consumer credit card market. The strategic acquisition, expected to complete next year, will see Barclays become the exclusive issuer of the GM Rewards Mastercard and GM Business Mastercard in the United States by summer 2025.

The GM credit card portfolio, which launched in 1992, boasts the largest customer base of any automaker in the United States. The partnership between Barclays and General Motors is set to enhance the customer experience and build on Barclays’ strategy of forging key alliances with America’s leading brands.

“As a leader in the US partner card market, we are excited to bring our expertise to this partnership with GM. We look forward to helping create an innovative credit product that offers significant value to customers while driving business success for GM,” said Denny Nealon, CEO of Barclays US Consumer Bank.

GM cardholders will continue to enjoy the benefits of earning and redeeming rewards on GM vehicles, services, and accessories. The transition is expected to introduce additional perks and experiences unique to GM, as the automaker aims to elevate its card’s value proposition. Current GM Rewards cardmembers will receive instructions on how to activate their new Barclays-issued cards closer to the transition date.

“We’re thrilled to work with Barclays to revamp the GM Rewards Mastercard, making it a card that consumers will love to use, with exclusive rewards and experiences that only GM can offer,” said Paul Jacobson, Executive Vice President and Chief Financial Officer at General Motors.

Goldman Sachs initially acquired the GM credit card portfolio in 2020 in a deal worth approximately $2.5 billion. However, amid losses and scrutiny in its broader retail banking strategy, Goldman Sachs began exploring opportunities to offload the GM card program in late 2023. Barclays’ acquisition of the portfolio marks another milestone in Goldman’s retreat from retail banking, as it sharpens its focus on institutional and investment activities. Goldman is also in talks to sell its stake in Apple’s credit card business.

This acquisition aligns with Barclays’ commitment to expanding its US consumer business and building a robust partner card portfolio with top-tier American brands.

About Barclays:
Barclays is a British universal bank, providing a wide range of services across personal, corporate, and investment banking. With operations spanning Europe, the Americas, Africa, and Asia, Barclays aims to provide innovative solutions that meet its clients’ needs.

About General Motors:
General Motors is a global company committed to delivering safer, better, and more sustainable transportation. GM, along with its subsidiaries and joint venture entities, sells vehicles under the Chevrolet, Buick, GMC, Cadillac, and other brands. GM is leading the electric vehicle revolution with its commitment to a zero-emissions future.


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