American investment bank Goldman Sachs is looking to purchase General Motors’ credit card unit as it looks to double down on its banking arm, the Wall Street Journal reported on Wednesday, citing people knowledgeable with the matter.
Barclays is also one of the small numbers of bidders for the automaker’s credit card business, which has about $3 billion in outstanding balances. A decision is expected in the next few weeks.
Goldman currently has a small presence in consumer banking compared to larger peers JPMorgan Chase and Citigroup Inc, and it is an area Chief Executive Officer David Solomon has been actively looking to strengthen.
As part of its consumer push, Goldman has been providing personal loans and savings accounts through its online bank Marcus, which has grown quickly since it was launched in 2016.
Goldman introduced a credit card with Apple Inc last year that is synched with iPhone users’ Apple Wallet and can be used to purchase Apple products at a discount.
In their pitches to General Motors, Goldman, and Barclays have promoted the idea of cars as e-commerce portals, the WSJ report noted.
GM’s cars are geared up with in-dash e-commerce technology, permitting drivers to order food, find fuel, or reserve hotel rooms by tapping icons on the dashboard screen, in place of using smartphones while driving.
GM, Goldman and Barclays refused to comment.