Mellon Sells
to Citibank
Another credit
card portfolio went on the block and Citibank was the highest bidder.
Citibank has announced plans to purchase Mellon Bank Corpís
credit card portfolio, which could make Citbank the nationís
largest issuer, larger than even First U.S.A. The addition of the
800,000 Visa/MasterCards (with outstanding balances of $1.9 billion)
will bring the Citibank total up to 70 million credit cards with
outstanding balances of $71 billion.
Mellon is also
selling its network services unit, which handles ATM and debit
transactions, as well as its mortgage operations, but there
havenít been any takers for those divisions,
yet.
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