Wachovia Corp. said Monday that it will purchase $304 million of credit card receivables from Wells Fargo & Co. for an undisclosed price.

The balances represent 6.5% of Wells' $4.65 billion total and are in states outside its core markets in the West.

"We see this as an opportunity to supplement the normal growth in our national portfolio," said Charles M. Hegarty, president of Wachovia Bank Card Services. "The portfolio holds accounts in markets we find highly attractive"-Florida, Georgia, North Carolina, South Carolina, and Virginia.

With a $6 billion portfolio, Wachovia has the 13th-largest bank card business.

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.