PNC Bank Corp. is closer to its goal of acquiring all existing credit card accounts tied to the American Automobile Association.

Banc One Corp. quietly sold two-thirds of its $1.2 billion auto club portfolio to PNC in December. The $700 million sale is the second-largest such portfolio acquired by PNC since it won the exclusive right in January 1996 to market financial services on behalf of the AAA, whose clubs have 38 million members.

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.