Fidelity National Information Acquires CU Cards Broker

JACKSONVILLE, Fla. – Fidelity National Information Services, the provider of back-office services to credit unions and banks, has acquired privately held AssetExchange, the Portland, Ore.-based broker of the sale of credit union card portfolios. Under the deal, AssetExchange will retain its staff and offices and is expanding its business to also offer credit unions consulting on other cards options to retain their portfolios, according to William Koo, president of AssetExchange. “We’re keeping the business model mostly intact,” Koo told The Credit Union Journal yesterday. Financial terms of the deal were not disclosed. The brokering of card sales can be a lucrative business, with brokers often earning as much as 200 basis points to 300 basis points of the value of the portfolio. AssetExchange, which has brokered the sale of more than 100 credit union portfolios in its six years in business, also brokers deals for banks and thrift.