Koll-Dove Global Disposition Services has announced it is accepting sealed bids for $1 billion of charged-off Citicorp credit card receivables.
The offering is the largest ever, said senior vice president David Ludwig. It reflects the rapid growth of the market for credit card chargeoffs, he said.
"Last year we sold $3 billion worth of receivables," Mr. Ludwig said. "This year we expect to do $7 billion."
Koll-Dove got into the business of selling depressed assets by organizing auctions for the Resolution Trust Corp.
It has since arranged sales of charged-off credit card balances from such financial institutions as Wells Fargo & Co., KeyCorp, Norwest Corp., PNC Bank Corp., First Union Corp., and some credit card specialists.
Bids for the Citicorp receivables are due June 18. Additional information is available from Koll-Dove.