Goldman Sachs to buy GM’s credit card business

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October 10, 2020

Goldman Sachs is reportedly set to buy the GM cobrand portfolio for $2.5 billion.

Goldman Sachs will reportedly buy the General Motors (GM) cobrand portfolio from Capital One for $2.5 billion, beating out Barclays.

If the deal goes through, the portfolio should transfer in about a year, when Capital One's contract expires. Adding the portfolio could help Goldman cement its move into the consumer lending and credit card space.

Goldman Sachs also reportedly plans to tie the card to in-car purchasing technology — an emerging payments sector — which could indicate that it's looking to carve out a niche as a tech-friendly issuer.

Business Insider Intelligence's Jaime Toplin has the full story.

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