(Bloomberg) -- Goldman Sachs Group Inc. signed a deal to take over General Motors Co.’s credit-card portfolio.
The Wall Street giant will be the issuer for the automaker’s credit-card programs, with a targeted start of September, the two companies said in a statement. Mastercard Inc. will remain the network for the cards. Terms of the deal weren’t disclosed.
“We chose to partner with Goldman Sachs because of their proven ability to innovate,” Chuck Thomson, general manager of retail sales and marketing support at General Motors, said in the statement.
Goldman Sachs has said it hopes to expand its portfolio of consumer loans to $20 billion in the coming years. As part of those efforts, it’s debuted a credit card with Apple Inc. and has even begun financing vacation purchases with JetBlue Airways Corp.
General Motors, for its part, has been seeking a cheaper way to fund its auto-loan business. Last month, the carmaker’s finance arm formally submitted its application to form a so-called industrial loan company with the Federal Deposit Insurance Corp. and Utah’s finance regulator.
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