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December 2, 2014

Virgin Money acquires MBNA’s credit card asset portfolio

British lender Virgin Money has acquired credit card assets worth GBP363m ($570m) from MBNA, a Bank of America company, to expand its credit card business.

By Verdict Staff

British lender Virgin Money has acquired credit card assets worth GBP363m ($570m) from MBNA, a Bank of America company, to expand its credit card business.

Virgin, which listed on the London Stock Exchange last month, has acquired new Virgin Money accounts which were written since its acquisition of GBP1bn portfolio of Virgin credit card assets from MBNA in January last year.

Jayne-Anne Gadhia, CEO of Virgin Money, said: "I am delighted to confirm we have acquired an additional £363m of Virgin Credit Card customer balances from MBNA. This strengthens further the platform upon which we will build our future credit card business."

"Our credit card business complements our existing mortgages and savings business and represents another significant step in growing our bank. During 2015, we will look to introduce new product lines and distribution channels to diversify our credit card offering and bring some fresh new competition to the UK market."

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