CardWorks to acquire credit card business of Ally Financial.

CardWorks, a servicer of credit cards and other card products, agreed to acquire credit card business of Ally Financial, a financial services company. Financial terms were not disclosed. "Ally's decision to sell its credit card business is part of our broader strategy to pursue a more focused approach, enabling us to simplify and streamline our structure, prioritize our core businesses, and drive improved returns. We are proud of the results the business generated over the last three years and pleased with the terms of the agreement and the opportunity for this business to continue growing with CardWorks. As we embark on the next chapter at Ally, we remain relentlessly focused on doing right by our customers, communities, employees and shareholders," Michael Rhodes, Ally CEO.