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| Chase Manhattan Corp. (CMB) buying Paymentech commercial credit card… |
this story is reprinted from a special edition of snl's specialty finance mergers & acquisitions. chase manhattan corp. (cmb) buying paymentech commercial credit card operations from bank onek up in the transaction could prove invaluable. paymentnet, a business-to-business, web-based payment management system, seems to be chase’s true target in the deal. "this strategic purchase brings usment, expense reporting, electronic statement and payment tools." increasingly, internet-based accounting and expense-monitoring applications are becoming standard among the services offered bys ramsey group inc. "companies like chase understand the residual risk of financial services. there’s no underwriting or residual risk to any payment stream, and that’s how a financial service company" chase has been an active acquirer of credit-card portfolios over the past several years, but today’s announcement marks the bank’s first commercial credit-card acquisition. chase picked up twoion consumer-credit- card portfolio. today’s announcement leaves open the possibility that chase will pursue other commercial credit-card acquisitions. "the commercial card industry represents aparties expect to close the deal in the first quarter of 2001, subject to regulatory approval. related snl products: specialty finance mergers & acquisitions securities and investments mergers &
http://www.snl.com/financial_svc/manda/20001120sl.asp - 7k
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http://www.snl.com/financial_svc/manda/20001120sl.asp
2005-12-03 19:59:10
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