Chase and Target Announce Credit Card Financing Agreement
Chase will purchase an approximate 47 percent interest in Target’s credit card receivables
WILMINGTON, DE. - JPMorgan Chase (NYSE: JPM) announced today that it will purchase an undivided interest in Target’s credit card receivables for approximately $3.6 billion in cash. This interest would represent approximately 47 percent of the principal amount of Target’s outstanding receivables. This transaction is expected to close before the end of May.
“Chase is pleased to partner with Target, one of the world’s best brands,” said Gordon Smith, CEO of Chase Card Services. “We believe this relationship will be quite successful over time for both organizations.”
“We are excited to enter into this agreement with JPMorgan Chase, whose vast financial services experience and proven track record of innovation have produced superior credit card results over time,” said Gregg Steinhafel, Chief Executive Officer of Target Corporation. “We expect that the unique relationship we have forged with this agreement will benefit both companies and their shareholders over time.”
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