As part of a deal that saw U.S. Bank purchase grocery chain Kroger’s credit card debt from RBS Citizens N.A., new financial products will be available to Kroger customers through their expanded partnership with the bank.
Pam Joseph, U.S. Bancorp’s vice chair of payment services, said that “our expanded partnership with Kroger leverages U.S. Bank’s entire spectrum of retail and consumer banking services. 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.”
U.S. Bank said that the partnership is simply an expansion of the existing relationship between the two organizations, which already sees the bank provide in-store financial services – encompassing retail, capital markets, and corporate banking services – in nearly 200 of the grocery store’s locations around the country.
Experts say that partnerships like the one between the grocer and the bank, along with new financial regulations governing consumer products, could help many Americans consolidate debt as the economy recovers from its recent troubles.