First Data Corp. plans to sell its $93 million of credit card
The portfolio consists of private-label cards that First Data began
First Data said it wants to concentrate on its core processing
"The impetus behind the sale is to get out of the receivables business,"
The company's Englewood, Colo.-based retail services division said it
Terms of the acquisition were not disclosed.
Mr. Ziverts said that First Data expects the sale to be completed within
First Data currently processes approximately 35 million private-label
"I'm only surprised that it took First Data this long to sell the
Mr. Hammer said that by owning card receivables, First Data could be
Banc One Private Label Credit Services is a leading provider of credit
"For Banc One, this purchase represents a significant extension of a
"In addition to adding to our receivables of approximately $2 billion,