Conseco, Inc. announced that its Conseco Finance Corp. subsidiary sold substantially all of its bankcard portfolio to Wells Fargo Financial Bank, the credit card subsidiary of Norwest Financial, part of Wells Fargo & Company.
The size of the portfolio sold was approximately $400 million. The sale of this noncore business provides additional liquidity to Conseco Finance and is not expected to result in a material gain or loss.
Conseco Finance, with nationwide operations and managed finance receivables of nearly $46 billion at December 31, 1999, is one of America’s largest of nearly $46 billion at December 31, 1999, is one of America’s largest consumer finance companies, with leading market positions in retail home equity mortgages, home improvement mortgages and consumer and floorplan loans for manufactured housing. Based in St. Paul, Minn., Conseco Finance had 9,600 employees at year-end 1999.Details