Sentence examples for credit receivables from inspiring English sources
PayPal announced today it has agreed to sell $5.8 billion in consumer credit receivables to Synchrony Financial, in an expanded relationship between the companies.
"We're pleased that we've completed the sale of our U.S. consumer credit receivables portfolio," said Dan Schulman, president and CEO of PayPal, in a statement.
As part of the deal to sell the consumer credit receivables business, the companies have extended through 2028 their credit card program agreement involving the PayPal Extras Mastercard and the PayPal Cashback Mastercard.
In November 2017, PayPal announced it had agreed to sell $5.8 billion in consumer credit receivables to Synchrony Financial as a part of an expanded relationship between the two companies.
"Our expanded relationship with Synchrony Financial will free up cash currently used to fund consumer credit receivables for other uses, while accelerating our ability to deliver engaging credit and payments experiences for our customers.
Synchrony is acquiring PayPal's consumer credit receivable portfolio, worth $6.4 billion.
In quick succession, securitization came to privately issued residential mortgages, commercial mortgages, automobile loans, credit card receivables, and even some commercial loans and lease receivables.
The transaction, which is expected to close during the current quarter, calls for People's Bank to receive a 15.5percentt premium above the credit card receivables transferred to Royal Bank.
After the sale, Manufacturers Hanover said, the bank's portfolio of credit card receivables will exeed $3.3 billion.
