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THOUSAND OAKS, Calif. – Eleven of 37 large credit card portfolio sales that were completed in 2002 had credit unions as the seller, according to R.K. Hammer, a card portfolio consulting and brokerage firm. The firm also estimated that the “majority” of the 120 smaller card portfolio sales in 2002, defined as less than $15 million, were from credit unions. The numbers industry-wide were up from last year, the firm reported. In fiscal year 2001, 25 large portfolios sold, compared to 37 for this year. In addition, the total assets involved in the card portfolio sales were also up; $23.8 billion versus $12 billion even in 2001. Significantly, the firm also found that premiums for the portfolios were also marginally higher, 18.4% in fiscal 2002 versus 18.1% in fiscal 2001.

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