Elan Financial Services, a division of US Bank, has entered into a strategic partnership with Cleveland-based KeyBank to offer Key clients a full suite of credit card products and services.
Reportedly, in conjunction with the new relationship with Elan, KeyBank will be terminating its previously existing credit card issuing relationship with Citi.
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 is expected to continue to brand and market the credit cards under the KeyBank name. Elan has added that 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.
Jeff Chernivec, senior vice president and market director at Elan Financial Services, said: “KeyBank represents a highly regarded brand and certainly a significant partnership for Elan. We are excited to further broaden an already strong corporate relationship through the addition of this strategic relationship.”
