Barclays Buys Gap US Credit Card Portfolio for $3.8 Billion
Barclays announced today that its United States arm will buy a $3.8 billion credit card portfolio co-branded with clothing retailer The Gap Inc.. Barclays is buying the portfolio from Synchrony Bank in a deal expected to close in the second quarter of next year.
Barclays and Gap already reached an agreement back in April of this year, which would see the British bank issue co-branded credit cards to Gap customers in 2022. That means that Barclays will now become the exclusive issuer of Gap Inc. credit cards.
Barclays has in recent years partnered with several big names such as American Airlines, JetBlue and Wyndham Hotels.