NewDay to acquire cards portfolio of Argos from J Sainsbury for £720m.

NewDay, a financial services company specialising in providing consumers' credit products, agreed to acquire cards portfolio of Argos, a UK general merchandise retailer, from J Sainsbury, a British supermarket chain, for £720m. “We look forward to welcoming AFS’ two million customers to NewDay, where they will benefit from our increased digital offering and award-winning customer service, and we are fully focused on ensuring a smooth transition for these customers. This is a great opportunity to forge a partnership with one of the UK’s leading retailers as well as accelerate the growth of our Credit business, in line with our strategic objectives,” John Hourican, NewDay CEO.