{"id":8448,"date":"2024-11-23T20:30:51","date_gmt":"2024-11-23T20:30:51","guid":{"rendered":"https:\/\/finderica.com\/ally-financial-weighs-sale-of-credit-card-business\/"},"modified":"2024-11-23T20:30:51","modified_gmt":"2024-11-23T20:30:51","slug":"ally-financial-weighs-sale-of-credit-card-business","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=8448","title":{"rendered":"Ally Financial weighs sale of credit card business"},"content":{"rendered":"<div>\n<div class=\"Enhancement\" data-align-center=\"\">\n<div class=\"Enhancement-item\">\n<figure class=\"Figure\">  <\/p>\n<div class=\"Figure-content\"><figcaption class=\"Figure-caption\">Photographer: Tiffany Hagler-Geard\/Bloomberg<\/figcaption><p>Bloomberg News<\/p>\n<\/p><\/div>\n<\/figure>\n<\/div><\/div>\n<p>Ally Financial is exploring a sale of its credit card arm, according to people familiar with the matter, after getting back into that business through an acquisition three years ago.\u00a0<\/p>\n<p>The Detroit-based auto lender is working with a financial advisor to find buyers for the unit, said the people, who asked to not be identified because the deliberations are private.<\/p>\n<p>While it isn&#8217;t clear what the business is worth, Ally agreed to pay $750 million for the\u00a0unit\u00a0in 2021, when it was known as Fair Square Financial. Ally had about $2.1 billion in credit card loans on average at the end of the third quarter,\u00a0according\u00a0to its most recent earnings report.\u00a0<\/p>\n<p>A representative for Ally declined to comment.\u00a0<\/p>\n<p>A sale would mark a swift retreat from the intensely competitive credit card business, where Ally competes with giant players such as Capital One Financial. In 2019, Ally wound down a cash-back card that it had offered with Toronto-Dominion Bank.\u00a0<\/p>\n<p>A year later, the company terminated a $2.65 billion deal to buy subprime credit card lender CardWorks, at a time when the market had been upended by the coronavirus pandemic.<\/p>\n<p>Ally rose 2.4% to $38.07 at 1:29 p.m. Friday in New York trading, giving the company a market value of about $11.6 billion.\u00a0<\/p>\n<\/div>\n<p><a href=\"https:\/\/www.americanbanker.com\/articles\/ally-financial-weighs-sale-of-credit-card-business\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Photographer: Tiffany Hagler-Geard\/BloombergBloomberg News Ally Financial is exploring a sale of its credit card arm, according to people familiar with the matter, after getting back into that business through an acquisition three years ago.\u00a0 The Detroit-based auto lender is working with a financial advisor to find buyers for the unit, said the people, who asked<\/p>\n","protected":false},"author":1,"featured_media":8449,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[218],"tags":[1094,183,369,238,191,2949,2948],"class_list":{"0":"post-8448","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banking","8":"tag-ally","9":"tag-business","10":"tag-card","11":"tag-credit","12":"tag-financial","13":"tag-sale","14":"tag-weighs"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/8448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8448"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/8448\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/8449"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}