Goldman Sachs Group Inc said on Friday it expects to become the issuing bank for automaker General Motors Co’s credit card business, starting September this year.
Media 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 disclose the terms of the deal but said that Mastercard Inc will remain the network for the card.
The deal will enhance Goldman’s focus on its consumer banking business, which it is expanding to even out volatile results from segments such as trading and investment banking.
This is the bank’s second major credit card partnership, following the launch of a card with Apple Inc in 2019.