Chase buying Kohl's credit card business

March 6, 2006 at 3:47 PM

MENOMONEE FALLS, Minn., March 6 (UPI) -- Minnesota-based Kohl's Corp. said Monday it is selling its credit card business to the banking subsidiary of J.P. Morgan Chase & Co.

The big New York financial house will pay about $1.5 billion for the assets, American City Business Journal reported.

Kohl's will use the funds to help buy back $2 billion worth of common stock.

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