Nichol Bakalar is no longer with Wachovia Securities. Bakalar, who joined Wachovia in mid-2002, was a director in the structured products group. She reported to group head Brian Lancaster. Before her stint at Wachovia, Bakalar was head of asset-backed securities research at Deutsche Bank, a position she also held at Barclays Capital before joining Deustche.
Last week, Royal Bank of Scotland Group acquired a $2.3 billion credit card portfolio from People's Bank. The development coincides with forecasts that this year larger players will acquire smaller portfolios. "Now RBS has a toe-hold in the industry," noted Citgroup's Vice President Douglas Lipton. RBSG reportedly paid a $360 million, or 15.5%, premium for the portfolio, which has approximately 1.1 million customer accounts nation-wide. The portfolio is predominantly prime and super-prime in credit quality terms, according to RBSG.