Barclays to Buy Credit Card Portfolio Co-Branded with The Gap

Posted on 08/30/2021

Barclays Plc, through its United States unit, will buy a US$ 3.8 billion credit card portfolio co-branded with clothing retailer The Gap, Inc. Some brands by The Gap include: Old Navy, Gap, Banana Republic, and Athleta. The seller of the credit card portfolio is Synchrony Bank. The deal is expected to close in the second quarter of 2022.

Synchrony Financial is a consumer financial services company headquartered in Stamford, Connecticut, United States. Synchrony Financial’s private label credit cards are partner-branded credit cards (e.g., Lowe’s or Amazon) or program-branded credit cards (e.g., Synchrony Car Care or CareCredit) that are used primarily for the purchase of goods and services from the partner or within the program network.

Background
General Electric (GE) filed with the Securities and Exchange Commission on March 13, 2014 announcing its intention to spin-off the portion of its GE Capital business dedicated to retail credit cards. That company became Synchrony Financial.

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