Ally agrees $2.65bn CardWorks acquisition

Ally Financial has struck a $2.65 billion deal to buy CardWorks, enabling it to enter the credit card and merchant acquiring sectors. Ally will pay $1.35 billion in cash and $1.3 billion in stock for CardWorks, a non-prime credit card and consumer finance lender with $4.7 billion in assets and $2.9 billion in deposits. Ally began life as an auto financing outfit before diversifying to offer online banking, mortgage lending and investment-advisory services. The CardWorks acquisition helps to expand Ally's business further, adding a credit card platform, full-spectrum servicing and recovery operation and a nationwide merchant acquiring business.

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