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Bank of America Picks Up FIA CU Card Portfolio: How Much Did Troubled Financials Drive Biggest Sale In an Overall Down Year?

The $1.19 billion Credit Union of Texas sold its credit card portfolio to FIA Card Services, the card issuing subsidiary of Bank of America, making it the biggest sale in what has otherwise been a down year of card portfolio sales.

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DALLAS — The $1.19 billion Credit Union of Texas sold its credit card portfolio to FIA Card Services, the card issuing subsidiary of Bank of America, making it the biggest sale in what has otherwise been a down year of card portfolio sales.

As is customary in these agent issuing agreements, the cards will continue to carry the name of the credit union and only a small identifier–usually on the back of the card–letting the cardholder know the card is actually issued by FIA. The credit union will also continue to help FIA market the card and participate in card revenue; a factor the CU has acknowledged proved an important part of the deal.

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