Apple & Goldman Sachs To Ink Major Credit Card Deal
Recent reports reveal Apple is finalising a joint venture with Goldman Sachs, set to provide the investment bank control over Apple’s credit card business. The news comes as Apple ditches its $1 billion plan to build a data centre in Ireland, citing approval delays.
The new deal will allow the Californian giant to further its ‘Apple Pay’ brand, whilst enabling Goldman Sachs to expand into consumer finance.
According to The Wall Street Journal, the deal’s terms are still being finalised, however, Apple is tipped to launch the cards next year.
The news enables Goldman Sachs to expand into an area previously occupied by Barclays. The British bank has offered Apple customers no-interest finance on certain purchases for over a decade.
Apple’s decision to ditch its $1 billion Irish data centre project follows extensive approval delays, stalling the project for over three years.
The Californian-giant announced the project in early 2015, which sought to build the facility in Athenry.
The Irish High Court dismissed the objections of appellants, who then took the case to the Supreme Court.
On Tuesday, Apple announced that despite its “best efforts” approval process delays “forced” it to make other plans, culminating in the decision to not move forward with the data centre.
“While disappointing, this setback will not dampen our enthusiasm for future projects in Ireland as our business continues to grow”, the company added.
Apple plans to expand its European HQ in County Cork, which currently employs over 6,000 people.