Goldman Sachs (GS) – Get Report will take over General Motors’ (GM) – Get Report credit-card business, the two companies said Friday.
The New York investment firm will be the issuing bank for the Detroit automaker’s credit-card programs, with the start of the program targeted for September. Mastercard (MA) – Get Report will remain the network for the cards.
“We chose to partner with Goldman Sachs because of their proven ability to innovate,” Chuck Thomson, GM’s general manager of retail sales and marketing support, said in a statement.
