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WASHINGTON (Dow Jones)--Morgan Stanley Dean Witter & Co. (MWD) is negotiating
to buy the U.K. Visa portfolio of Bank One Corp.'s (ONE) First USA division,
according to a report in Monday's American Banker.
The American Banker reports that sources familiar with the situation say First
USA is also looking for a buyer for its Canadian operations.
A Bank One spokesman reached by Dow Jones Newswires declined to comment.
Morgan Stanley officials could not immediately be reached for comment.
Morgan Stanley had locked up the U.K. unit acquisition late last week, sources
told the American Banker. The U.K. deal would nearly double Morgan Stanley's
credit card presence in that market, according to the report.
First USA wouldn't disclose to the American Banker how much it has in
receivables in the U.K. Cards International, a worldwide newsletter on the
plastic cards industry published by Lafferty Publications Ltd.
First USA has gotten about 100,000 customers in the U.K. since it began
operations in December 1998.
Both companies declined comment to the American Banker.
As reported, William Boardman, a Bank One vice chairman and head of First USA,
said last month the company is evaluating its businesses in the U.K. and Canada.
"That environment has become extremely competitive, extremely fast," the
American Banker reports.
-Kevin Guerrero, Dow Jones Newswires/Federal Filings
Business News; 202-628-7684
(END) DOW JONES NEWS 02-07-00
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