Virgin Money to launch own credit card arm after MBNA deal
LONDON Jan 18 (Reuters) - Virgin Money, the British financial group backed by Richard Branson, said on Friday it will launch a credit card business after buying 1 billion pounds ($1.6 billion) of assets from Bank of America's MBNA unit.
The loans being bought are from the Virgin credit card portfolio which has been managed and serviced by MBNA since 2002 under a partnership agreement.
The book will be fully transferred to Virgin Money early next year. Virgin Money, which bought Northern Rock a year ago, said it expected to create at least 150 new jobs through its own credit card business.
- Israel warns of long Gaza war as Palestinian fighters cross border |
- Court orders Russia to pay $50 billion for seizing Yukos assets |
- West agrees wider Russia sanctions as Kiev says forces near crash site
- Man found dead trapped between elevator and shaft wall in NYC
- Huge blaze out of control in Tripoli battle as Libya slides into chaos |