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KeyBank Enters Card Relationship With Elan

KeyBank (Cleveland) entered a strategic partnership This portfolio is one of three acquired by U.S. Bank (Minneapolis) from New York-based Citi. Elan Financial Services is a division of U.S. Bank. In conjunction with the new relationship with Elan, KeyBank will be terminating its previously existing credit card issuing relationship with Citi.

Elan's focus is on agent issuing card programs. According to a release, by purchasing this portfolio of credit card assets associated with Key's clients from KeyBank's previous credit card issuing partner, Elan will own the assets but will continue to brand and market the credit cards under the KeyBank name. The acquired portfolio will 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 customers as accounts will transfer seamlessly, claim the companies.

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