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Goldman Sachs said on Friday it expects to become the issuing bank for American automaker General Motors’ credit card business, from September this year.
Reports in October said that Goldman had won the bidding over Barclays Plc for the automaker’s credit card business in a $2.5 billion deal.
Goldman and GM did not reveal the terms of the deal but said that Mastercard Inc will remain the network for the card.
The deal will improve Goldman’s focus on its consumer banking business, which it is broadening to even out volatile results from segments including trading and investment banking.
This is the bank’s second major credit card partnership, after the launch of a card with Apple Inc in 2019.
