Bank of America Corp. sold $700 million in credit card assets to U.S. Bancorp on Wednesday, in the struggling Charlotte company's
U.S. Bancorp said Wednesday that its Elan Financial Services unit bought the credit card assets of 28 financial institutions from B of A's FIA Card Services N.A. The portfolio includes cards issued on behalf of investment advisory firm Edward Jones.
The financial terms of the deal, which closed on Wednesday, were not disclosed. Customers can continue using their existing cards until Elan issues new ones in 2012.
"This portfolio of financial institutions represents a significant opportunity for Elan," Pamela Joseph, vice chairman and head of U.S. Bancorp Payment Services, said in a
U.S. Bancorp has previously done similar credit card deals with other beleaguered banks. In 2009, the Minneapolis company
B of A has made several deals recently to shrink its cards business as it works to focus on its main banking businesses. The company