(Bloomberg) -- Barclays Plc is taking over the General Motors Co. credit-card business from Goldman Sachs Group Inc., pouncing on the Wall Street firm’s failed effort to expand into consumer lending.

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The British bank struck an agreement to buy the portfolio of loans, according to a Barclays statement, confirming a previous Bloomberg News report. Barclays is taking over roughly $2 billion in outstanding balances at a discount to their value, Bloomberg reported last month.

Goldman Chief Executive Officer David Solomon has previously said the bank expects to take a $400 million hit from the transition of its GM cards business and other small retail ventures, less than three years after striking a pact with the automaker. Goldman is scheduled to report third-quarter results Tuesday.

Barclays will acquire the receivables next year, and the credit cards will continue to be issued under Mastercard Inc.’s banner, the statement said.

--With assistance from Sridhar Natarajan.

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