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US Bancorp unit buys $700m credit card portfolio form BofA unit

Elan Financial Services, a unit of US Bancorp, has acquired $700m in financial institution credit card portfolios from FIA Card Services, a unit of Bank of America.

The portfolio includes small business and consumer cards from 28 banks, credit unions and other financial institutions, including investment bank Edward Jones.

Edward Jones that has a network of over 11,000 financial advisors in the US.

Elan said it will own the assets but will continue to brand and to market the credit cards under the respective financial institution names.

US Bancorp Payment Services vice chairman and head Pamela Joseph said that this portfolio of financial institutions represents a significant opportunity for Elan.

Financial terms of the agreement and purchase price were not disclosed.

Elan Financial Services provides a complete range of processing and payments services, including credit card issuing, prepaid card solutions and ATM and debit card processing.