Associates First Capital Corp. said Wednesday that it has an agreement to buy $120 million of private-label credit card receivables from Citgo Petroleum Corp.

Terms of the agreement were not disclosed. The Tulsa, Okla.-based oil company will continue to manage its fleet and commercial card businesses.

Associates, the largest private-label oil card issuer, manages programs for British Petroleum Amoco, Texaco Inc., and Shell Oil Co. -- Lisa Fickenscher

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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