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CITICORP CREDIT SERVICES SELLS CERTAIN ASSETS

 CITICORP CREDIT SERVICES SELLS CERTAIN ASSETS
 NEW YORK, July 1 /PRNewswire/ -- Citicorp said today its subsidiary


Citicorp Credit Services Inc. sold certain assets related to its credit card merchant processing unit to Welsh, Carson, Anderson & Stowe, Prudential Equity Investors, and William Blair & Co. for a sales price of $175 million. The sale is part of a plan to strengthen Citicorp's capital ratios.
 Citicorp emphasized that it will continue to focus on providing card services to consumers. Consumers worldwide have some 41 million cards issued by units of Citicorp.
 The business affected by the sale, which is known as Citicorp Establishment Services, provides authorization, processing and settlement to merchants who accept credit cards. The third largest in the industry, Citicorp Establishment Services processes an annual sales volume of about $30 billion in the United States.
 Citicorp noted that employees of Citicorp Establishment Services will work for the new owners and remain in their present locations in Melville, N.Y. and Hagerstown, Md.
 -0- 7/1/92
 /CONTACT: Susan Weeks of Citicorp, 212-559-0580/
 (CCI) CO: Citicorp Credit Services Inc. ST: New York IN: FIN SU:


KD-LR -- NY033 -- 5724 07/01/92 12:52 EDT
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Publication:PR Newswire
Date:Jul 1, 1992
Words:192
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