Synchrony Financial (NYSE: SYF) announced today that its Board of Directors has approved a share repurchase program of up to $1.6 billion, commencing this quarter through December 31, 2021. The company expects to repurchase shares from time to time subject to the company's repurchase program limit, its capital plan, market conditions and other factors, including regulatory restrictions and required approvals, if any.

The Board of Directors also declared a quarterly cash dividend of $0.22 per share of common stock, payable on February 16, 2021 to holders of record at the close of business on February 5, 2021.

In addition, the Board of Directors declared a quarterly cash dividend on the outstanding shares of its 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A. Each outstanding share of the Series A Preferred Stock is represented by depositary shares, each representing a 1/40th interest in a share of Series A Preferred Stock. The dividend of approximately $14.06 per share (equivalent to $0.351563 per outstanding depositary share) is payable on February 16, 2021 to holders of record at the close of business on February 5, 2021.

About Synchrony

Synchrony (NYSE: SYF) is a premier consumer financial services company. We deliver a wide range of specialized financing programs, as well as innovative consumer banking products, across key industries including digital, retail, home, auto, travel, health and pet. Synchrony enables our partners to grow sales and loyalty with consumers. We are one of the largest issuers of private label credit cards in the United States; we also offer co-branded products, installment loans and consumer financing products for small- and medium-sized businesses, as well as healthcare providers.