Fiserv Says Goodbye to Securities Clearing
BROOKFIELD, Wis. - Fiserv is selling off its securities clearing business to Fidelity Investments, likely marking the end of its involvement in securities clearing. Fiserv has signed a definitive agreement to sell its BHC Investments, Inc. to the National Financial unit of Fidelity Investments for approximately $365 million. This deal signifies Fiserv's departure from the securities arena, which was one of its five core business focuses. "We see a strong and growing future for our financial institution, health administration, insurance and trust operations. Consequently, we believe there are opportunities to increase our investments in all of these core businesses," said Fiserv President/CEO Les Muma, who will retire from Fiserv in 2006. This deal will let Fiserv invest more in those four areas. Fiserv has seven credit union data processing subsidiaries.