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Article: Citizens Bank Sells Credit-Card Business to MBNA.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- December 3, 1998
- Author:
CopyrightCOPYRIGHT 1998 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Knight Ridder/Tribune Business News
Dec. 4 -- Citizens Financial Group has sold its Visa credit-card portfolio for a $55.4-million pre-tax gain, which it disclosed in a quarterly earnings report issued yesterday.
The buyer was Bankcard Services of MBNA, one of the largest credit-card issuers with more than 20 million customers worldwide. Citizens customers will still get Citizens Bank credit cards, but they will be serviced by MBNA, not the bank.
"This will be a Citizens Bank credit card," said bank spokeswoman Barbara Cottam, and its balance will still count toward requirements for the bank's Circle account customers. She described the ...