US-based financial services company BancVue has acquired the Silverton credit card portfolio from the US government corporation FDIC (Federal Deposit Insurance Corporation).

The portfolio includes credit card accounts representing nearly 700 agent bank relationships and will be managed under the name "BancVue Card Assets”, contributing to the expansion of BancVue's client base.

Through the new acqusition BancVue aims to enable its financial institution customers to develop direct issuer capabilities by offering their own branded credit cards. Nevertheless, for those institutions that may not want to build their own credit card portfolios, BancVue has partnered with US-based First Arkansas Bank and Trust which will act as a sponsor bank.

BancVue provides its banking services to more than 1,300 community banks and credit unions around the US.