Goldman Sachs to become issuing bank for GM's credit card business

Goldman Sachs Group Inc. will become the issuing bank for General Motors Co.'s credit card business starting in September.

Mastercard Inc. will remain the network for the card.

Financial terms of the deal were not disclosed in a news release announcing the partnership. Current cardmembers will not see any changes to their card accounts before the scheduled start of the new program.

Goldman reportedly outbid Barclays PLC in the deal, according to a previous report by The Wall Street Journal.