Breaking: Lloyds Completes £1.9bn Takeover of Chester Credit Card Business MBNA

June 1, 20173min

Lloyds Banking Group has this morning (June 1) announced the completion of its £1.9bn takeover of credit card business MBNA Ltd.

Following the receipt of regulatory and competition approval, Lloyds has now acquired Chester-headquartered MBNA from Bank of America subsidiary FIA Jersey Holdings Limited.

The terms of the eight-figure transaction were first revealed in December last year.

Lloyds said the deal is part of a wider strategy to grow its presence in the UK’s consumer finance sphere.

It is understood that the takeover will boost the bank’s slice of the credit card market from 15% to around 26%.

António Horta-Osório, Lloyds’ group chief executive, said of the transaction: “The acquisition, which is funded through strong internal capital generation, increases our participation in the UK prime credit card market, where we were underrepresented, and strengthens our position as a UK focused retail and commercial bank.

“The MBNA brand and portfolio are a good fit with our existing card business and we will focus on providing its customers with excellent service and value.”

He added: “Our proven integration capabilities and low cost to income ratio will deliver significant synergies and value to our shareholders.”

Written by: 

Source: Bdaily

Interesting Links:


CXM Editorial Team

CXM Editorial Team

Published for all CX professionals, the digital Customer Experience Magazine is packed full of industry news, blogs, features, video bites and international stories all focusing on customer experience. CXM will help you learn what makes an outstanding customer experience that wins both awards and the hearts of customers. And sometimes we share some cool music as well.




Inform. Inspire. Include.
A free way to improve your business.

Customer Experience Magazine is the online magazine packed full of industry news, blogs, features, reports, case studies, video bites and international stories all focusing on customer experience.


CONTACT US

CALL US ANYTIME



Contact Information

For article submissions:
Editor
Paul Ainsworth
editorial@cxm.co.uk

For general inquiries, advertising and partnership information:
advertising@cxm.co.uk
Tel: 0207 1932 428

For Masterclass enquiries:
antonija@cxm.co.uk
Tel: 0207 1937 483

Awards International ltd
Acacia Farm, Lower Road,
Royston, Herts, SG8 0EE
Company number: 6707388

JOBS IN CUSTOMER SUPPORT

Find a job in customer support with Jobsora


Newsletter