LONDON Jan 18 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
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.