MINNEAPOLIS & CINCINNATI, Jun 09, 2010 (BUSINESS WIRE) --U.S. Bank, lead bank of U.S. Bancorp (NYSE:USB) and The Kroger Co.
(NYSE:KR) today announced a strategic alliance that will give Kroger
customers a suite of payment products.
As part of the alliance, U.S. Bank has purchased Kroger's existing
credit card portfolio from RBS Citizens N.A., and plans to offer
additional financial services for Kroger customers. Kroger is a large,
well-known brand with strong customer loyalty, which creates an ideal
platform to introduce innovative payments products and financial
"Our expanded partnership with Kroger leverages U.S. Bank's entire
spectrum of retail and consumer banking services," said Pam Joseph, vice
chair of payment services for U.S. Bancorp. "Our industry leading
payments experience, together with Kroger's loyal customer base and
significant retail expertise enables us to drive growth and enhance
value with these new payment services."
The alliance is an expansion of U.S. Bank's extensive financial services
relationship with Kroger, the nation's largest traditional grocery
retailer, which began in 1930. U.S. Bank currently provides a number of
retail, corporate banking, trust, capital markets and credit services
for Kroger. Kroger has nearly 2,500 locations operating under several
brand names and U.S. Bank operates bank branches in 192 of those
locations through an in-store banking relationship.
"Both Kroger and U.S. Bank are committed to great customer service and
providing customers with the right financial products to meet their
needs," said Kathy Kelly, president of Kroger Personal Finance.
"Together with U.S. Bank, Kroger Personal Finance is excited to continue
developing new, innovative financial products and services for our
About Kroger Personal Finance
Kroger Personal Finance(R) (KPF)
offers customers convenient, affordable personal finance products and
services from preferred providers. These include credit cards, gift and
prepaid cards, insurance, ID theft protection and in-store money
services such as check cashing, Coinstar(R) and Western Union(R).
Information on KPF products and services is available in the nearly
2,500 stores Kroger operates under two dozen local banner names
including Kroger, Ralphs, Fred Meyer, Fry's, King Soopers, Smith's,
Dillons, QFC and City Market. For more information about Kroger Personal
Finance, visit www.krogerpersonalfinance.com.
Kroger, the nation's largest traditional
grocery retailer, employs more than 334,000 associates who serve
customers in 2,468 supermarkets and multi-department stores in 31 states
under two dozen local banner names including Kroger, City Market,
Dillons, Jay C, Food 4 Less, Fred Meyer, Fry's, King Soopers, QFC,
Ralphs and Smith's. The company also operates 777 convenience stores,
374 fine jewelry stores, 893 supermarket fuel centers and 40 food
processing plants in the United States. Kroger, headquartered in
Cincinnati, focuses its charitable efforts on supporting hunger relief,
health and wellness initiatives, and local organizations in the
communities it serves. For more information about Kroger, please visit www.kroger.com.
About U.S. Bancorp
U.S. Bancorp (NYSE: USB), with $282
billion in assets as of March 31, 2010, is the parent company of U.S.
Bank, the fifth largest commercial bank in the United States. The
company operates 3,025 banking offices in 24 states and 5,312 ATMs and
provides a comprehensive line of banking, brokerage, insurance,
investment, mortgage, trust and payment services products to consumers,
businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.
SOURCE: U.S. Bancorp
U.S. Bank Media Relations
Steve Dale, 612-303-0784
Kroger Media Relations
Meghan Glynn, 513-762-1304