A
ssociated
Banc-Corp and Citibank USA have entered into a long-term agreement which
includes the sale of Associated’s $130 million credit card portfolio to
Citibank. Under the agreement, the two companies will offer
Associated-branded credit cards to Associated’s approximately 300,000
cardholders and Citibank will service the accounts.
Associated
President and Chief Operating Officer Robert C. Gallagher said, “We
chose to partner with Citibank, the nation’s premier credit card issuer,
because of its strength, skill, and commitment to service and privacy. The
alliance allows us to maximize the value of our card business,” he said.
The
transaction is expected to close early in the second quarter of 2000. On
closing, Associated expects to recognize a gain of approximately $12
million.
Citibank
USA is the affinity credit card unit of Citibank, the nation’s largest
issuer of MasterCard and Visa cards. Citibank is part of Citigroup, which
provides some 100 million consumers, corporations, governments, and
institutions in 100 countries with financial products and services.
Additional information may be found at http://www.citigroup.com
Associated
Banc-Corp., is a diversified multibank holding company with total assets
of $12.5 billion. Associated has more than 200 banking offices and 225
ATMs serving more than 150 communities in Wisconsin, Illinois, and
Minnesota. More information is available at http://www.associatedbank.com.
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The Green Sheet, Inc.
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