Associates First Capital Corp. has filed an application to acquire the processing unit and the entire private-label and commercial card portfolio of Texaco Credit Card Services.
The Dallas-based subsidiary of Ford Motor Co. asked the Office of the Comptroller of the Currency to approve the deal, which would bring more than $700 million in receivables and nine million accounts from Texaco.
Terms of the deal were not disclosed.
"Texaco is on the leading edge as a gasoline distributor, and this deal is an opportunity to expand our leadership in the oil card market," said Fred Stern, senior vice president of Associates.
The Ford unit said it plans to negotiate an agreement with Star Enterprise, a refiner and marketer of Texaco branded products that uses the Texaco card in its marketing promotions.
The Texaco card is one of the top five in the oil industry, as is the 7.6 million-account Amoco card, which Associates already runs.