BANKING : Ahmanson Sells Credit Card Operation
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From Times Staff and Wire Reports
Saying the operation was too small to make “economic sense for us in the long run,” H.F. Ahmanson has sold its credit card operation to Citibank. The Irwindale parent of Home Savings of America sold 150,000 Visa and MasterCard accounts totaling $131 million in receivables to Citibank, booking a gain of $33 million. Citibank will continue to issue and service bank cards for Home Savings of America customers, but the cards will bear the Home Savings name.
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