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Mellon Bank Corp. MEL) of Pittsburgh is looking for someone to take over its credit card and network services business units.
Being competitive in those markets - which include debit processing - will require ongoing investments the bank is not willing to make, says Steve Dishart, vice president and director of corporate communications.
Mellon is the third-largest off-line debit processor, holding about 6.4 percent of the market, he says. However, top dog First Data Corp. FDC) holds 54 percent of the market. "In a rapidly consolidating market, we wouldn't expect to maintain that position without significant investment),"...