U.S. Bancorp has agreed to buy a credit-card portfolio worth nearly $700 million from Bank of America. The portfolio was part of Bank of America’s agent-issuing business and the move will help the bank to reduce its non-core assets to free up precious cash, especially after investors raised concerns about the quality of its asset base and the possible need for it to raise more capital. U.S. Bancorp is more than happy to pick up the portfolio, as it intends to grow its agent-issuing business with time.
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