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Peoples Bank Completes Sale of Credit Card Business to the Royal Bank of Scotland Group

Friday 5 March 2004 17:13 CET | News

Peoples Bank, has completed the previously-announced sale of its credit card business, including transfer of its related Bridgeport credit card operations and staff, to The Royal Bank of Scotland Group plc (RBS).Peoples obtained a 15.5% premium on the credit card portfolio sold in the transaction, as announced last month. The strategic decision to exit the credit card business better enables Peoples to focus on its core retail and commercial banking businesses. Proceeds from the transaction will be used in part to restructure the banks balance sheet, expand its Connecticut businesses, and grow its franchise.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce