PHILADELPHIA, June 3 /PRNewswire-FirstCall/ -- Sunoco, Inc. (NYSE: SUN)
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.
(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. (NYSE: SUN), 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 (NYSE: C), 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.
SOURCE Sunoco, Inc.
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Related links:
http://www.SunocoInc.com
Company News On-Call:
http://www.prnewswire.com/comp/829144.html
Photo Notes:Logo:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Jerry Davis, Sunoco, +1-215-977-6298, or
Janis Tarter, Citi, +1-212-559-1134
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