Barclays Buys $3.8 Billion Gap Credit Card Portfolio

Barclays Plc acquired a $3.8 billion portfolio of credit cards from retailer Gap Inc., giving it a new route to American consumers.

The British bank will issue co-branded and private label credit cards in the U.S. to Gap customers from the second quarter next year, Barclays said in a statement on Friday.

While Chief Executive Officer Jes Staley has made the investment bank his focus for growth, he has also spoken of expanding more into American credit cards. Barclays has previously struck deals with brands such as Uber Technologies Inc. and American Airlines Group Inc.

The bank’s consumer, cards ...