Chase, Target Announce Credit Card Financing Agreement
JPMorgan Chase has announced that it will purchase an undivided interest in Target’s credit card receivables for approximately $3.6 billion in cash representing approximately 47 percent of the principal amount of Target’s outstanding receivables.
“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 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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