Ally Financial (ALLY) and CardWorks announced that they have entered into a definitive agreement for CardWorks and its wholly-owned bank subsidiary, Merrick Bank, to acquire Ally’s credit card business, including a portfolio of $2.3B in credit card receivables with 1.3M active cardholders as of Dec. 31, 2024. Ally and CardWorks will work together to ensure a smooth transition for customers and employees. The transaction is expected to close in 2025, subject to the completion of customary closing conditions.
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