Barclays to Acquire $3.8 Billion US Credit Card Portfolio
27 Agosto 2021 - 6:04AM
Dow Jones News
By Jaime Llinares Taboada
Barclays PLC said Friday that it has agreed to acquire a $3.8
billion credit card portfolio in the U.S.
The British lender said Barclays Bank Delaware has entered into
an agreement with Synchrony Bank to buy credit-card accounts and
receivables issued in partnership with Gap Inc.
Barclays Bank Delaware in April had reached an agreement with
Gap to issue co-branded and private label credit cards in the U.S.
to Gap customers.
The group said the consideration for the portfolio would have
been $3.9 billion as of June, but the exact amount will depend on
portfolio movements up to completion.
Barclays will finance the deal from existing resources and
completion is expected in the second quarter of 2022.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
August 27, 2021 04:58 ET (08:58 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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