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KeyBank signs with Elan for credit-card issuance
September 14, 2009
Elan Financial Services, part of U.S. Bank, has partnered with Cleveland-based KeyBank for a full suite of credit card products and services.
The KeyBank portfolio is one of three acquired by U.S. Bank from Citi.
According to a news release issued by Elan Financial Services, because of the new relationship with Elan, KeyBank will terminate its previously existing credit card-issuing relationship with Citi.
Elan says it is focusing on agent-issuing card programs. By purchasing the portfolio of credit-card assets associated with KeyBank clients, Elan will own the assets but will continue to brand and market the credit cards under the KeyBank name. The acquired portfolio is expected to be converted in the second quarter of 2010, and all of the new products and services will be made available to clients at that time. No additional steps will be necessary on behalf of the customer.
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