Goldman Sachs Group Inc. signed a deal to take over General Motors' 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.
Barclays was also among a small number of bidders for the automaker's credit card business, the Wall Street Journal reported last year. Capital One has issued the GM card since 2012
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.
Reuters contributed to this report.