Advanta and The Royal Bank of Scotland announce credit card joint venture.HORSHAM Horsham (hôr`shəm), town (1991 pop. 38,356) and district, West Sussex, SE England. Horsham is known primarily for its agricultural and merchandising activities, but it also serves as an engineering center. , Pa.--(BUSINESS WIRE)--June 27, 1995--Advanta (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ADVNB;ADVNA ADVNA Advanta Corporation (stock symbol) ) announced Tuesday that The Royal Bank of Scotland
The Royal Bank of Scotland Plc (Scottish Gaelic: Banca Rìoghail na h-Alba and Advanta Corp. have entered into a joint venture agreement to establish a new company, RBS RBS Royal Bank of Scotland RBS Role Based Security RBS Rollback Segment RBS Rare Book School (University of Virginia) RBS Rural Business Cooperative Service RBS Ribosome Binding Site (genetics) Advanta, which will issue credit cards in the United Kingdom. VISA and MasterCard have approved the issuance of bankcards by this new venture. The joint venture partners anticipate card issuance to commence by the end of 1995. The Royal Bank of Scotland will have a 51 percent stake in the new company which will have board representation from both companies. The parties intend that the new credit card operation, to be based in Edinburgh, will offer VISA and MasterCard credit cards to consumers in the United Kingdom that offer a better value than what is generally available in that market today. John F. Mullady, a credit card veteran with more than 25 years of credit card industry experience, will serve as general manager of the new company, and Norman McLuskie, managing director of The Royal Bank's Operations Division, will be chairman of the board. Norman McLuskie said, "I believe this new operation will have the capacity to transform the credit card market in the UK combining our knowledge and experience as a leading credit card issuer with Advanta's unique expertise in direct marketing, targeting and risk management. I am confident this combination will enable us to expand significantly the credit card market in the UK." "We are please to be in partnership with such a strong and respected institution," said Alex W. "Pete" Hart, Advanta's executive vice chairman and former president and chief executive of MasterCard International. Hart who also will serve as a director of the new company added, "This effort demonstrates our commitment to delivering value to consumers in a variety of markets." The Royal Bank of Scotland is one of the leading plastic card issuers in the UK. It has consistently been an innovator in its market. With assets of more than $78 billion, The Royal Bank of Scotland is the UK's fifth largest commercial bank, and announced profit before tax for the year to September 1994 of $851 million. With over four million customers and $9.8 billion in managed assets at March 31, 1995, Advanta is a rapidly growing consumer financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. enterprise. The company proudly serves consumers and small businesses through high quality, innovative offerings of credit cards, mortgages, leases, insurance and deposit products. CONTACT: Advanta, Horsham Janet Janet: see Clouet, Jean. JANET - Joint Academic NETwork Point, Vice President, Investor Relations Investor relations The process by which the corporation communicates with its investors. , 215/784-5335 |
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