This move aligns with Ally's mission to focus on its core services, including approximately 10 million customers in banking, ...

(Reuters) -Consumer lender Ally Financial has agreed to sell its credit card business to credit and payments firm CardWorks, ...

Ally Financial Inc. (NYSE: ALLY) is a digital financial services company specializing in automobile loans. They were ...

CardWorks agreed to buy the business, including a $2.3 billion credit-card loan portfolio with 1.3 million active cardholders as of the end of last year, Ally said. Additional terms of the deal ...

"As servicing partner to the platform since inception, we have always admired this talented team and are thrilled to add them to the CardWorks and Merrick Bank family." Ally and CardWorks will ...

The auto lender is selling its credit card business and halting new mortgage loans, abandoning its once-broader ambitions. Ally CEO touted the move as "the power of focus." ...

Ally Financial Inc.'s Q4 results alleviated some credit loss concerns, but has elevated delinquencies and an uncertain 2025 ...

Plans for the sale were hinted at earlier this year, a month after the CEO said the business wasn’t within Ally’s core focus.

J.P. Morgan Securities LLC and Sullivan & Cromwell LLP advised Ally on the financial and legal aspects of the deal, respectively. CardWorks was advised by Cravath, Swaine & Moore LLP. This move ...

Ally Financial Inc. (NYSE: ALLY) and CardWorks, Inc. today announced that they have entered into a definitive agreement for CardWorks, and its wholly-owned bank subsidiary, Merrick Bank, to acquire ...

(Reuters) -Consumer lender Ally Financial has agreed to sell its credit card business to credit and payments firm CardWorks, the companies said on Wednesday. Shares of Ally jumped 8.6% in ...

Ally Financial Inc. (NYSE: ALLY) and CardWorks, Inc. today announced that they have entered into a definitive agreement for CardWorks, and its wholly-owned bank subsidiary, Merrick Bank, to acquire ...