PHILADELPHIA, June 3 /PRNewswire-FirstCall/ -- Sunoco, Inc. announced today that it has sold its private label consumer and commercial card accounts and receivables to Citi, the largest credit card provider worldwide. Sunoco received $94 million from the sale of the accounts and receivables. In addition, the two companies signed a multi-year agreement for the operation and servicing of the Sunoco private label credit card program. The transition to Citi will be completed by October 2004.
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"While Sunoco has managed its private label program for over 50 years, the credit card business has become increasingly more complex from virtually every angle," said Robert W. Owens, Senior Vice President, Sunoco Marketing. "We are confident that the best practices and expertise Citi has developed as a leader in private label programs for the oil industry will benefit our customers, dealers and distributors. And since our co-branded bank card program is already managed by Citi, Sunoco can achieve more synergies in our credit card marketing initiatives."
"Servicing both the private label and co-branded card products for Sunoco is a natural fit for us," said John Hunter, Senior Vice President of Citi. "Through the transition and beyond, Sunoco customers can expect the same high- quality service that they have come to expect."
About Sunoco
Sunoco, Inc. , headquartered in Philadelphia, PA, is a leading manufacturer and marketer of petroleum and petrochemical products. With 890,000 barrels per day of refining capacity, over 4,500 retail sites selling gasoline and convenience items, over 4,500 miles of crude oil and refined product owned and operated pipelines and 34 product terminals, Sunoco is one of the largest independent refiner-marketers in the United States. Sunoco is a significant manufacturer of petrochemicals with annual sales of approximately five billion pounds, largely chemical intermediates used to make fibers, plastics, film and resins. Utilizing a unique, patented technology, Sunoco also manufactures two million tons annually of high-quality metallurgical-grade coke for use in the steel industry. For additional information visit Sunoco's Web site at http://www.sunocoinc.com/.
About Citi
Citi is a member of Citigroup , the preeminent global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at http://www.citigroup.com/.
Photo: Logo: NewsCom:http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006PRN Photo Desk, photodesk@prnewswire.com Sunoco, Inc.
(Logo: http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006 )
"While Sunoco has managed its private label program for over 50 years, the credit card business has become increasingly more complex from virtually every angle," said Robert W. Owens, Senior Vice President, Sunoco Marketing. "We are confident that the best practices and expertise Citi has developed as a leader in private label programs for the oil industry will benefit our customers, dealers and distributors. And since our co-branded bank card program is already managed by Citi, Sunoco can achieve more synergies in our credit card marketing initiatives."
"Servicing both the private label and co-branded card products for Sunoco is a natural fit for us," said John Hunter, Senior Vice President of Citi. "Through the transition and beyond, Sunoco customers can expect the same high- quality service that they have come to expect."
About Sunoco
Sunoco, Inc. , headquartered in Philadelphia, PA, is a leading manufacturer and marketer of petroleum and petrochemical products. With 890,000 barrels per day of refining capacity, over 4,500 retail sites selling gasoline and convenience items, over 4,500 miles of crude oil and refined product owned and operated pipelines and 34 product terminals, Sunoco is one of the largest independent refiner-marketers in the United States. Sunoco is a significant manufacturer of petrochemicals with annual sales of approximately five billion pounds, largely chemical intermediates used to make fibers, plastics, film and resins. Utilizing a unique, patented technology, Sunoco also manufactures two million tons annually of high-quality metallurgical-grade coke for use in the steel industry. For additional information visit Sunoco's Web site at http://www.sunocoinc.com/.
About Citi
Citi is a member of Citigroup , the preeminent global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at http://www.citigroup.com/.
Photo: Logo: NewsCom:http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006PRN Photo Desk, photodesk@prnewswire.com Sunoco, Inc.
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