Chase bought two businesses from B of A.
The New York-based bank said it has acquired Bank of America’s credit card operations in Panama as well as its freight-bill payment and transportation information service operations, known as TRACS--or Transportation Reporting Accounting & Control Service. Though the price wasn’t disclosed, a source close to the deal said Chase Manhattan paid less than $20 million. Chase said the credit card acquisition means that it now has “significant share” of the MasterCard and Visa market in Panama.
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