The acquisition of CardWorks will further diversify Ally's product offerings, adding an established credit card platform, full-spectrum servicing and recovery operation and a nationwide merchant acquiring business. Under the terms of the agreement, Merrick Bank, a wholly owned subsidiary of CardWorks, Inc., will merge into Ally Bank. Cardworks is a privately held company with $4.7 billion in assets and $2.9 billion in deposits 1. (NYSE: ALLY) announced today that it has entered into a definitive agreement to acquire CardWorks in a transaction valued at approximately $2.65 billion. 18, 2020 / PRNewswire/ - Ally Financial Inc. Enhances Ally's return profile and immediately improves revenue generating capabilitiesĬHARLOTTE, N.C., Feb. Aligns with Ally's long-term strategic objective to provide a comprehensive suite of compelling, differentiated financial services products for our customers Acquisition provides Ally instant capability and scale opportunity in credit card, including full-spectrum unsecured servicing capability, and merchant services Strong cultural fit across both firms - relentless customer-focus and ongoing commitment to stakeholders, employees and communities Experienced and cycle-tested team with deep unsecured lending expertise CardWorks, founded in 1987, is a leading non-prime credit card and consumer finance lender with a full-spectrum unsecured servicing platform and robust merchant services capability Subsidiary Financials & Other Regulatory Filings Investor Relations Investor Relations Overviewįixed Income Financial Information Corporate Governance Back to Investor Relations menu Press Room Press Room Highlights Press Releases General account questions (personal loans only)Ībout Us Our Company Social Impact Careers Investor Relations Press Room Suppliers Back to About Us menu Our Company Overview History Awards & Recognition Headquarters & Offices Back to About Us menu Social Impact Overview Economic Mobility Employee Giving Diversity, Equity, & Inclusion Grants & Sponsorships Back to About Us menu Careers Careers at Ally Interns & Graduates Employee Benefits Back to
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