WAYNE, N.J. - Valley National Bank has agreed to sell its cobranded ShopRite MasterCard credit card portfolio to American Express Co.

The portfolio has 230,000 cards and $70 million of receivables. "The cobranded business line was not in our long-term strategic interest," explained John Harris, a spokesman for Valley National. "We will remain a Visa and MasterCard issuer with a small portfolio to service our clients needs."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.