BankAmerica Corp. said Thursday that it will acquire the $623 million in credit card receivables of First Maryland Bancorp subsidiaries First Omni Bank and Dauphin Deposit Bank.

After the sale, expected to close in early 1998, Bank of America-the credit card arm of San Francisco-based BankAmerica-will serve as agent for First Maryland, providing a range of consumer credit card products under the Baltimore-based bank's name.

Stephen B. Galasso, president of the BankAmerica card unit in Phoenix, said he was eager to set up similar relationships with other banks. "This arrangement provides Bank of America with an excellent opportunity to leverage its existing credit card infrastructure, capabilities, and expertise while gaining economies of scale," he said.

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