Elan acquires large card portfolio

Elan Financial Services, a subsidiary of U.S. Bancorp, has completed the acquisition of the credit card assets of 28 financial institutions, in a portfolio comprising approximately $700 million of outstanding balances. The portfolio, which includes small business and consumer cards, was acquired from FIA Card Services, N.A., owned by Bank of America.

By purchasing this portfolio of credit card assets, Elan will own the assets but will continue to brand and to market the credit cards under the respective financial institution names.

Elan Financial Services is a credit card issuer for more than . . .

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