Of Special Interest
23rd December 2011
U.S. Bancorp acquisition of credit card assets
Elan Financial, a subsidiary of U.S. Bancorp has completed on the acquisition of a portfolio of credit card assets with combined outstandings of $700m (€536m £446m ¥54.5bn Y4,436m). The portfolio was purchased from FIA Card Services and includes small business and consumer cards. No financials were disclosed.
Elan will own the assets but will continue to brand and to market the credit cards under the respective financial institution names. Current clients may continue to use their existing cards until Elan issues new cards in mid-2012.