Ally Financial (ALLY) and CardWorks announced they have entered into a definitive agreement for CardWorks, and its wholly-owned bank subsidiary, Merrick Bank, to acquire Ally's credit card business, including a portfolio of $2.3 billion in credit card receivables with 1.3 million active cardholders as of Dec. 31, 2024.
"Ally's decision to sell its credit card business is part of our broader strategy to pursue a more focused approach, enabling us to simplify and streamline our structure, prioritize our core businesses, and drive improved returns," said Ally CEO Michael Rhodes.
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