Bank of America to sell UK consumer credit card business
The sale completes the transformation of Bank of America’s consumer credit card business from a multi-country, multi-brand business to a single-brand business serving core retail customers in the United States.
The transaction is expected to close by mid-2017, subject to regulatory approval. Depending on closing conditions, Bank of America expects to record a minimal after-tax gain associated with the sale.
The U.K. consumer credit card portfolio has approximately $10 billion in credit card receivables.
The transaction does not impact Bank of America’s global commercial card business, which is part of Global Transaction Services. ■