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ASSOCIATES CORPORATION UNIT TO ACQUIRE CREDIT CARD PORTFOLIO FROM GREAT WESTERN FINANCIAL CORPORATION

 DALLAS, Sept. 13 /PRNewswire/ -- Associates Corporation of North America announced today that an affiliate has reached a definitive agreement to acquire the credit card portfolio of Great Western Financial Corporation (NYSE: GWF).
 An affiliate of The Associates, Associates National Bank (Delaware), will acquire approximately 178,000 Visa accounts with outstanding balances totaling approximately $222 million. Terms of the transaction, which is pending regulatory approval, were not disclosed.
 The Associates will also provide credit card services under the Great Western identity to new and existing customers of Great Western through an agent bank relationship.
 "The Great Western acquisition represents an opportunity to build our credit card business and further expand our relationships with leading companies in providing credit cards to their customers," said Reece A. Overcash Jr., chairman and chief executive officer of The Associates.
 Associates National Bank (Delaware) is one of the largest issuers of Visa and MasterCard credit cards in the United States, with approximately 3.3 million accounts and $2.6 billion in receivables.
 Associates Corporation of North America, based in Dallas, provides consumer finance, specialized commercial finance and leasing and insurance. Part of the Financial Services Group of Ford Motor Company (NYSE: F), The Associates has assets of more than $25.6 billion and manages financial assets of about $3.1 billion for Ford subsidiaries in the United States, the United Kingdom, Japan, Puerto Rico and Canada.
 With assets of $38 billion, Great Western Financial Corporation, based in Chatsworth, Calif., is a diversified financial services company operating more than 1,100 mortgage lending, retail banking and consumer finance offices nationwide. The company's principal subsidiary, Great Western Bank, is a home-mortgage-oriented consumer bank which operates extensive banking branch networks in California and Florida.
 -0- 9/13/93
 /CONTACT: Fred Stern of The Associates, 214-541-4042, or Ian Campbell, 818-775-3773, or Linda Mueller, 818-775-3653, both of Great Western/
 (GWF F)


CO: Associates Corporation of North America; Great Western Financial
 Corporation ST: Texas, California IN: FIN SU: TNM


SM -- NY014 -- 1117 09/13/93 08:44 EDT
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Publication:PR Newswire
Date:Sep 13, 1993
Words:336
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