Chase Manhattan International Finance has agreed to pay $250 million for the Manhattan Card Co. of Hong Kong, of which it already owns 54%.

The Hong Kong company has 600,000 MasterCard and Visa cards with $550 million of receivables. The Chase Manhattan Corp. subsidiary agreed to pay a 64% premium over Manhattan Card's closing stock price Nov. 13.

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.