In Brief: Marine Midland Sells Card Assets to Chase

Chase Manhattan Corp. said Wednesday it has bought Marine Midland Bank's Continental Airlines cobranded credit card portfolio, with $325 million of receivables and 140,000 accounts.

Financial terms were not disclosed.

In January Chase signed an eight-year agreement to issue cards for Continental. The banking company began issuing Continental Visa and MasterCards in gold and platinum in March.

Marine Midland, which had issued the Continental OnePass card before the agreement with Chase, will handle processing and customer service for cardholders until the accounts are transferred.

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