NEW YORK – Regional U.S. Southeast bank AmSouth Bancorp said on Monday it has agreed to sell $550 million of credit card debt to MBNA Corp. as it exits the business to cut costs.
AmSouth, which expects a pretax net gain of about $170 million from the sale of 390,000 accounts, joins banks like Wachovia Corp. and SouthTrust Corp. which sold their credit card portfolios to MBNA, the leading independent credit card lender.
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