Virgin Money to launch own credit card arm after MBNA deal

LONDON Fri Jan 18, 2013 10:13am EST

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.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

Retirement Road Map