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| | Projo.com | Providence | Business |
 | | FleetBoston Financial Corp., the seventh-biggest U.S. bank by assets, agreed yesterday to pay $1.3 billion for Circuit City Stores Inc.'s credit-card business to expand its own card unit, which hasn't grown in at least a year. |
 | | FleetBoston is getting Visa and MasterCard credit-card receivables and cash reserves that total about $1.5 billion from Circuit City, the second-largest U.S. electronics chain, the companies said in statement. |
 | | FleetBoston, currently the ninth-largest credit-card issuer, needs to expand its customer base to compete with competitors such as Citigroup Inc. and MBNA Corp., the number-one and number-two card issuers, said David Robertson, publisher of the Nilson Report, a card industry newsletter based in Oxnard, Calif. |
| www.projo.com /business/content/projo_20031023_fleet23.92db9.html (628 words) |
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