IRWINDALE, Calif. -- Home Savings of America said it has sold its credit card portfolio to Citibank (South Dakota).
Home Savings, the nation's largest thrift and a subsidiary of H.F. Ahmanson & Co., said it will realize a $33 million gain from the sale of its $131 million of receivables.
The deal comes at a slow time in the credit card portfolio market and is small compared with sales of three of five years ago.
The Citicorp credit card operation will add about 150,000 Home Savings accounts to its base of 20 million and $33 billion of receivables.
Citibank will issue cards bearing the Home name, and Home will retain its automated teller machine and debit card services.