Repeat & Correct: Synchrony to Continue Servicing Sam's Club Credit Cards
January 23 2019 - 9:58AM
Dow Jones News
By Kimberly Chin
Synchrony Financial reached an agreement with Walmart Inc. to
continue servicing the Sam's Club-branded credit card program. It
separately reached an agreement to sell a Walmart loan portfolio it
currently services. Walmart also agreed to drop a lawsuit against
Synchrony. "Synchrony To Continue Servicing Sam's Club Credit
Cards" at 7:01 a.m. ET incorrectly implied that these developments
were part of a single agreement with Walmart. The corrected story
follows:
Synchrony Financial (SYF) has reached an agreement with Sam's
Club parent Walmart Inc. (WMT) to continue managing and servicing
the Sam's Club-branded credit card program.
Synchrony also plans to sell a Walmart loan portfolio that it
currently services. The transfer of the portfolio is expected to be
completed in the third to early fourth quarter of this year.
Walmart has also dropped its lawsuit with Synchrony. Walmart has
accused the bank of breaching credit card agreements issued to
Walmart customers.
"We are very pleased to have reached these agreements. Obtaining
certainty around the Walmart portfolio and a renewal on Sam's Club
is a great outcome for the company," Synchrony President and Chief
Executive Officer Margaret Keane said in prepared remarks.
Synchrony began servicing Sam's Club's credit programs in 1993.
It currently provides customers of Sam's Club's nearly 600 store
locations with co-branded and private-label credit cards for Club
and Plus members.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
January 23, 2019 09:43 ET (14:43 GMT)
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