Barnett Banks Inc. moved to dispose of its credit card problems Thursday by announcing a "strategic alliance" with Household Credit Services Inc. to manage most of the bank's $1.7 billion portfolio.

Under the two-part agreement, Jacksonville-based Barnett will sell $780 million of "noncore" card receivables directly to the credit card subsidiary of Chicago-based Household International.

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.