GPS Gap Inc

By Jaime Llinares Taboada

Barclays PLC said Friday that it has agreed to acquire a $3.8 billion credit card portfolio in the U.S.

The British lender said Barclays Bank Delaware has entered into an agreement with Synchrony Bank to buy credit-card accounts and receivables issued in partnership with Gap Inc.

Barclays Bank Delaware in April had reached an agreement with Gap to issue co-branded and private label credit cards in the U.S. to Gap customers.

The group said the consideration for the portfolio would have been $3.9 billion as of June, but the exact amount will depend on portfolio movements up to completion.

Barclays will finance the deal from existing resources and completion is expected in the second quarter of 2022.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

August 27, 2021 04:58 ET (08:58 GMT)

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