PORTLAND, Ore. — In a move which could be seen as a triumph over a long standing nemesis, Fidelity National Information Systems, the leading processor of credit union card transactions, has purchased Asset Exchange, arguably the most well-known broker of credit union credit card portfolios.

Although the monetary terms of the deal and why it was not revealed more quickly were not disclosed, executives with the two firms agreed that the broker would retain its current leadership and each would remain separate firms. They also agreed that while the sale would mean an increase in the broker's role as a card portfolio consultant, the firm will continue to broker the sale of CU card portfolios–even when those CUs process their card transactions with FIS.

"It's no secret that most of the card portfolio sales that Asset Exchange was brokering were ours," said Robert Bream, president of Fidelity Card Services for FIS, explaining why the card processor and technology services firm was willing to purchase the card broker. "But we also knew of their reputation and of the name they carried in the industry as being a straight shooting firm and that attracted us."

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