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Fleet To Buy
Credit-Card Receivables
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Business New Haven
11/30/1998
By: BNH
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BOSTON - Fleet Financial Group (NYSE: FLT) announced it will buy $1.3 billion in receivables from Household International Inc.'s commercial credit-card business. Fleet also said its Fleet Credit Card Services, LP, located in Pennsylvania, will manage the receivables portfolio. The deal will add 700,000 customers to Fleet's client base. Fleet had about eight million customers in its credit-card business and receivables of about $15 billion before the Household transaction.
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