GUS has formed a joint venture with Barclays to develop an Argos credit card and new personal loan products for Argos and Homebase.

GUS said that the existing Argos and Homebase store card operations will not be impacted by the arrangement.

This joint venture will enable the future development of new additional lending products that will continue to enhance the choice, value and convenience that we offer our customers, commented Terry Duddy, chief executive of Argos Retail Group.

The retailer said that a services agreement will be entered into between Argos, Barclays and the joint venture company ARG Personal Finance Limited later this year, when the business of the joint venture company will become fully operational.