News 

New deals, new programs, new innovations on the credit card and financial services marketing industry. Bookmark this page for the latest updates on Kessler Group activities in an evolving financial services marketplace.

The Kessler Group releases white paper examining credit card self-issuing vs. agent banking

BOSTON (MA) – With many community banks and credit unions re-assessing how they are offering credit cards – as self-issuers or through agent banking programs – the Kessler Group (KG) is pleased to announce the release of a white paper, entitled “A Path Chosen Prudently” which examines critical considerations for institutions facing such a decision.

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Kessler Group Advises GTCR on Acquisition of Premium Credit Limited

In November 2012, GTCR, a leading private equity firm, announced that it has acquired Premium Credit Limited (PCL) from MBNA Europe, a subsidiary of Bank of America Corp. PCL is a leading provider of payment facilitation and financing services in the UK and Ireland. GTCR is partnering with new CEO Andrew Doman and existing management of PCL to recapitalize the company and further invest in the company’s market-leading technology and services offerings. Total asset value was approximately £900 million ($1,450 million).

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Howard and Michele Kessler Offer Hope and a Bright Future to a Young Man in Rwanda

On April 27, 2012, under the shade of a majestic old avocado tree, a community gathered to celebrate a young man whom they had, in the past, cast out. Friends, neighbors, local government, and Partners In Health staff all came together to share in the new beginning for Jean Damascene as he received the keys to his new home, sponsored by the Kessler family.

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Howard and Michele Kessler Awarded Ellis Island Medal of Honor

In May, Howard and Michele Kessler were awarded the 2012 Ellis Island Medal of Honor in New York.  The Ellis Island Medal of Honor was founded by the National Ethnic Coalition of Organizations (NECO) and is intended to pay homage to the immigrant experience.

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Kessler Gift Addresses Growing Need for Cancer Care in the Developing World

The World Health Organization estimates that there will be 16 million new cancer cases worldwide by 2020, with 70 percent of those occurring in developing nations like Rwanda. By the year 2020, Rwanda is expected to have hundreds of thousands of cancer patients living within its borders, yet it lacks the necessary infrastructure and training to handle such an epidemic.

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The Kessler Group Advises Capital One on Purchase of HSBC US Credit Card Business

On August 10, 2011, Capital One Financial Corporation (NYSE: COF) announced a definitive agreement under which Capital One will acquire HSBC’s domestic credit card business, including its approximately $30 billion credit card portfolio, for an 8.75 percent premium to par value of all receivables. As of June 30, 2011, the premium would have totaled $2.59 billion. Despite the expected addition of approximately $30 billion of HSBC credit card loans, the company does not expect a significant increase in total assets. The company expects to fund HSBC credit card loans primarily with cash and the proceeds from the balance sheet repositioning related to the pending ING Direct acquisition.

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Kessler Supports Non-Profit Youth Employment Services

Costa Mesa, CA – Youth Employment Service (YES) of the Harbor Area, a non-profit organization providing employment counseling, training and job referral services for at-risk youth and young adults, announced on August 3, 2011, that it received a $35,000 donation from Santa Ana-based Corinthian Colleges and its Everest Santa Ana campus. The contribution is the largest single-year, private, non-grant donation in YES history.

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Kesslers Establish Center of Excellence at Partners

Philanthropists Howard and Michele Kessler are well-known for their benevolence toward the less fortunate. In March of this year, they unveiled a plan to improve healthcare for some of the world’s most vulnerable populations – both here and abroad.

The Kesslers announced a $6 million gift to create the Kessler Center of Excellence at Partners HealthCare to propel exciting projects locally and globally. The center will specifically fuel two initiatives at Brigham and Women’s Hospital (BWH), another at Massachusetts General Hospital (MGH), and another at the Dana-Farber Cancer Institute (DFCI).

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