Virgin picks up £363m more in credit cards

Virgin Money 230x150
By Tom Porter
01 Dec 2014

Virgin Money has acquired another chunk of credit card assets from Bank of America’s MBNA as it looks to build its footprint in the product, with the UK challenger bank set to take full control of its developing cards business next year.

Virgin Money has partnered with MBNA, which was acquired by Bank of America in 2006, since 2002 to provide marketing and direct distribution of Virgin credit cards. The programme is currently managed and serviced by MBNA through a servicing agreement, but it will transfer to Virgin Money’s own ...

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