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Ally Offloads Credit-Card Business, $2.3 Billion Loan Portfolio

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Ally Financial Inc. reached a deal to offload its credit-card unit to CardWorks Inc., bowing out of a business it entered just over three years ago.
Ally Financial Inc. has decided to sell its point-of-sale financing business, including its credit card operations, to Synchrony Financial for $2.3 billion. This portfolio primarily consists of loans related to home improvement projects, such as roofing, windows, and solar panel installations. The sale, which is expected to close in the first half of 2024, will see Synchrony taking over approximately $2.2 billion in loan receivables and $100 million in other assets. This move is part of Ally's strategy to streamline its operations and focus on its core automotive lending and banking services. The transaction will also involve the transfer of Ally's credit card partnerships with major home improvement retailers like The Home Depot and Lowe’s.

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