Synchrony and Sam's Club Extend Strategic Partnership

STAMFORD, Conn., Jan. 23, 2019

Synchrony also announced it has reached agreement on the sale of the Walmart loan portfolio currently serviced by Synchrony. The portfolio is expected to transfer late in the third quarter or early in the fourth quarter of 2019.

In addition, Walmart has agreed to dismiss its lawsuit against Synchrony.  

"We are very pleased to have reached these agreements. Obtaining certainty around the Walmart portfolio and a renewal on Sam's Club is a great outcome for the company," said Margaret Keane, president and chief executive officer of Synchrony. "Sam's Club is a valued and longstanding partner.  We look forward to continuing to deliver innovative products and excellent customer service to Sam's Club members."

Ms. Keane continued, "This extension is the latest in a series of renewals and key customer initiatives which highlight the strength of our best-in-class marketing and technology capabilities. We continue to build momentum as we provide credit and payment solutions that deliver value to our partners and pursue opportunities that enhance value for Synchrony."

The Synchrony and Sam's Club partner relationship began in 1993, providing credit programs for business members; adding revolving credit programs for Sam's Club consumer members in 1995; and currently offers Sam's Club co-branded and private-label credit card programs for Club and Plus members – all of which double as membership cards.