First Data expands JPMorgan Chase cards contract

First Data expands JPMorgan Chase cards contract

JPMorgan Chase is to shift the credit card transaction processing of more than three million new accounts to First Data Corp, following the US bank's $8.2 billion acquisition of the platinum portfolio of Providian Master Trust.

The Providian acquisition, expected to be completed in the first quarter, will increase Chase's credit card portfolio to more than 27 million accounts and more than $49 billion in outstandings.

First Data will convert the portfolio later this year.

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