LLoyds buys MBNA for £1.9bn

Since the 2008 British tax payer bailed out and rescued Lloyds bank, has agreed to pay £1.9bn in cash to acquire credit card company MBNA from a subsidiary fo Bank of America.

MBNA will be maintained as a separate brand. The deal is expected to increase Lloyds’ share of the UK credit card market by receivables from 15 per cent to 26 per cent, MBNA business made net profits of £166m in 2015 and has £7bn in gross assets and the deal is expected to deliver a £650m per year boost to group revenues.