Card Briefs: Puerto Rican Bank Buying $40M Portfolio

FirstBank, Puerto Rico's second-largest locally owned commercial bank, has signed a deal for $40 million of private-label credit card accounts from Western Auto, a vehicle retailer on the island.

FirstBank, which has $4 billion of assets, will take over Western Auto's 100,000 card accounts in August. The companies said the pact will help them "increase credit services and improve customer service to an expanding client base."

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER