Bank of New England to Sell Credit...
From Times Staff and Wire Reports
Bank of New England to Sell Credit Card Business: Bank of New England Corp., strapped for cash because of financial losses, said it would sell its credit card business to Citicorp for $828 million. The Boston-based bank announced earlier this month that it was trying to sell $6 billion worth of assets. The bank has said it expects a loss of more than $1 billion in 1989 because of bad real estate loans. The bank said it expected to make a profit of about $176 million from the sale of the credit card business.
