The initiative is part of Elans strategy to focus on agent issuing card programs. By purchasing this portfolio of credit card assets associated with Key’s customers from KeyBank’s former credit card issuing partner Citi, Elan will own the assets but credit cards will still be marketed under the KeyBank name. The new credit card products and services will be made available to customers in Q2 2010.
With assets of nearly USD 98 billion, KeyBank provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients. Elan Financial Services provides credit card, debit, merchant and ATM programs, regional and surcharge-free networks, technology leasing, lending programs and correspondent services.
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