Sears Roebuck is putting its credit card operation up for sale, in a move that provides an opportunity for existing US player to extend their scale, or provide a foothold for a European bank with aspirations to develop a global cards business.
The New York Times reported that Sears hoped to sell the credit card business for about US$7 billion in cash or more than the market capitalisation of the entire company.
Sears Roebuck's credit card business made a profit of US$1.5 billion in 2002, more than half the profit of the retail chain. The business has about 60 million...
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