POST Online Media Lite Edition



 

Bank of America to sell UK consumer credit card business

Staff Writer |
Bank of America will sell its consumer credit card business in the United Kingdom, MBNA, to Lloyds Banking Group.

Article continues below






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.