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JP Morgan buys credit card portfolio.
Byline: David Weidner
J.P. Morgan Chase & Co. took care of the easy part Jan. 16, agreeing to buy a top-credit $8.2 billion credit card portfolio from beleaguered Providian Financial Corp.
Though terms of the deal were not disclosed, the banks said that J.P. Morgan paid a "mid single-digit premium" for the accounts dubbed "Providian Master Trust," suggesting a range of between $300 million and $500 million for the 3.3 million customer accounts. The price ultimately could also include "payments tied to servicing and portfolio credit performance," J.P. Morgan said. The deal is expected to close by April 1.
The deal rivals last summer's sale by …
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