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BankBoston, Fidelity Step Back from Credit Card Business.(Originated from The Boston Globe)
Knight Ridder/Tribune Business News, September, 1997 by Stein, Charles
Sep. 5--Two big Boston financial players -- BankBoston Corp. and Fidelity Investments -- yesterday decided the credit card business was not for them.
Fidelity sold its credit card business. BankBoston took a more complicated route. But both seemed motivated by the same idea: To be a success in that field, you need to be a big fish.
"We think you have to be in the top 15 companies and have receivables of $10 billion," said Peter Manning, executive vice president of BankBoston.
BankBoston said it entered into a joint venture agreement to create a new credit card company. The partners in the venture are Bank of Montreal and its U.S. subsidiary, Chicago-based Harris Bank, and First Annapolis, a credit card consulting company.
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