Less than three weeks after PA-based PNC Bank announced the sale of its card portfolio, Pa-based Mellon Bank announced, this past weekend, its intentions to exit the credit card business. Mellon said it plans to sell its mortgage business, credit card portfolio and network services transaction processing unit as part of an initiative to sharpen its strategic focus on businesses with the highest return potential. Mellon says the sales of the credit card and mortgage businesses will reduce its exposure to higher-risk assets and reduce potential earnings volatility by eliminating approximately $3.5 billion in loans and mortgage servicing rights from Mellon’s balance sheet. According to CardData, Mellon’s portfolio has $1.7 billion in receivables among 1.6 million accounts. Goldman Sachs & Co. will advise Mellon on the sales of the mortgage and credit card businesses. Morgan Stanley Dean Witter & Co. will be the adviser in connection with the sale of Network Services. The transactions are expected to be completed by the end of the third quarter. Mellon’s 4Q/98 full earnings report is available via CardData ([www.carddata.com]).