| InfiCorp Holdings Acquires Principal Bank Credit Card Portfolio
ATLANTA & DES MOINES--(BUSINESS WIRE)--Sept. 11, 2003 – InfiCorp Holdings, Inc. (InfiCorp) and Principal Bank, a member of the Principal Financial Group ®, today announced that InfiCorp has acquired Principal Bank’s $23 million credit card portfolio.
The two companies have also entered into a Bankcard Alliance for the marketing of Principal Bank branded credit card products to present and prospective customers of Principal Bank. AssetExchange, a leading credit card brokerage and consulting group, facilitated the transactions.
Through the Bankcard Alliance, Principal Bank customers will be able to select from a wide array of compelling credit card products, including Platinum, Gold and Classic cards that offer extremely competitive pricing, as well as programs that provide added options for travel and cash back rewards.
“As one of the nation’s first and most customer-centric borderless banks, it was important to us to find a credit card issuer that provided first-rate card products and service that would add value to our customers’ banking experience,” said Principal Bank President and CEO Barrie Christman. “InfiCorp’s exceptional management team, marketing programs and world-class card products made our decision to work with them an easy one.”
“We are privileged to work with Principal Bank and honored that they have selected InfiCorp as their new strategic credit card partner, ” said Andrew Mathieson, InfiCorp’s Managing Director. “We look forward to our alliance with Principal to leverage their extensive customer base, nationwide name recognition and superior reputation with our credit card issuing capabilities.”
“In light of the consolidation occurring in the credit card industry, it is important for existing portfolio owners to consider their options—in terms of competitive portfolio management strategies and opportunities to outsource card programs,” said AssetExchange CEO William Koo. “I am very pleased that we were able to provide Principal Bank with attractive offers and that they found a strong fit with InfiCorp.”
About InfiCorp Holdings, Inc.
InfiCorp Holdings, is an Atlanta based specialty credit card company and leader in partnering with banks and other financial institutions to market client branded credit card products and services. For additional information please visit www.InfiCorp.com or call 404-965-6020.
About the Principal Financial Group
The Principal Financial Group Ò (The Principal ®) 1 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and mortgage banking through its diverse family of financial services companies. More employers choose the Principal Financial Group for their 401(k) plans than any other bank, mutual fund, or insurance company in the United States 2. A member of the Fortune 500, the Principal Financial Group has $116.3 billion in assets under management 3 and serves some 13 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
"The Principal Financial Group(R)" and "The Principal(R)" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
CFO Magazine, April/May 2003, based on total plans served in 2002 by insurance companies, banks and investment firms.
As of March 31, 2003
About AssetExchange
AssetExchange is a credit card consulting and brokerage firm for banks, credit unions and other financial institutions. Services include credit card portfolio brokerage, performance assessments, market valuations, and best practices consulting. The AssetExchange brokerage process includes bids from all interested portfolio buyers to obtain multiple offers and excellent partnership opportunities for portfolio sellers. For additional information, please visit www.AssetExchange.com or call (503) 220-0007. |
