NEW YORK, Aug 12 — Goldman Sachs Group Inc is looking to buy General Motors Co’s credit card unit as it looks to double down on its consumer banking arm, the Wall Street Journal reported today, citing people familiar with the matter.
Barclays is also among a small number of bidders for the automaker’s credit card business, which has about US$3 billion (RM12.6 billion) in outstanding balances, the report said, adding that a decision is expected in the next few weeks.
Goldman currently has a much smaller presence in consumer banking, unlike larger peers such as JPMorgan Chase & Co and Citigroup Inc, and it is an area Chief Executive Officer David Solomon has been aggressively looking to strengthen.
As part of its consumer push, Goldman has been offering personal loans and savings accounts through its online bank Marcus, which has grown quickly since its 2016 launch.
Goldman launched a credit card with Apple Inc last year that is synched with iPhone users’ Apple Wallet and can be used to buy Apple products at a discount.
GM and Barclays did not immediately respond to Reuters requests for comment, while Goldman declined to comment. — Reuters
