Huntington Bancshares Inc. said Wednesday that it has signed a deal to sell its $535 million portfolio of credit card receivables to Chase Manhattan Corp.,
The deal sets up an agent bank relationship under which Chase would issue cards in Huntington's name to the Ohio-based bank's customers. Huntington said it anticipates no impact on current customers.
The sale is scheduled to close by yearend; no deal price was named.
Frank Wobst, chairman and chief executive officer of Huntington, said credit cards will "remain an important product offering" for his bank, which is "excited about the innovative technology and marketing strength that Chase brings to the relationship."