ST. LOUIS PARK, Minn. - Direct Merchants Credit Card Bank, a subsidiary of Metris Cos., has closed its deal for Banco Popular's U.S. card portfolio.
The acquired credit card portfolio has about 283,000 accounts, 185,000 of which are active, and about $180 million of receivables. Terms of the transaction, which was announced July 24, were not disclosed. As announced, the two companies have also signed an agent bank arrangement to offer bank card products to current and future Banco Popular customers.
"We're very pleased to announce that we have closed this transaction," said Metris chairman and chief executive officer Ronald N. Zebeck. "Our alliance with Banco Popular is consistent with Metris' strategies of building on our existing strengths, acquiring high-growth businesses, and increasing our Hispanic marketing efforts."
