A unit of credit card direct marketer Metris Cos. Inc., based in St. Louis Park, MN, has agreed to purchase the U.S. credit card business of Banco Popular North America, according to Reuters.
Terms were not disclosed.
The Metris unit, Direct Merchants Credit Card Bank, and Banco Popular, a subsidiary of Popular Inc. of Puerto Rico, also agreed to an agent bank arrangement to offer credit card products to Banco Popular customers.
“By bringing together the powerful Banco Popular brand and Metris’ direct marketing expertise, we have strengthened our commitment to the Hispanic market and created another significant source of profitable growth,” said Metris chairman and chief executive Ronald Zebeck in a statement.
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