First Data Corp.'s Card Services Group, Omaha, signed a letter of intent with Chase Manhattan Bank and Chemical Bank to process their credit card portfolios when their proposed merger is complete.

If an agreement is reached, First Data will have snagged its largest customer yet. Combined, the banks have approximately $21 billion in receivables and 11 million active accounts.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.