The acquisition will diversify revenues for Ally and add 2.8m credit card accounts, $3.4b in balances, with an avg. FICO score of 630.
Ally Financial’s CEO, Jeffrey J. Brown, said, “CardWorks represents an industry-leading credit card platform in the U.S., and this acquisition serves as an important milestone in Ally's evolution to be a full-service financial provider for our customers. Beyond the compelling strategic rationale and financial enhancements this transaction brings, CardWorks is an ideal cultural fit for Ally.”