Barclays acquires MBNA SME credit card portfolio

[pompeyfaith]

Barclays has acquired the UK small business credit card portfolio of MBNA Europe Bank Limited.
The business, which comprises around 60,000 accounts with approximately £130 million of outstanding balances, will be integrated into the group’s Barclaycard division.


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http://www.bankingtimes.co.uk/2011/0...ard-portfolio/

[Angry Cat]

Re: Barclays acquires MBNA SME credit card portfolio

[quote=pompeyfaith;207222]Barclays has acquired the UK small business credit card portfolio of MBNA Europe Bank Limited.
The business, which comprises around 60,000 accounts with approximately £130 million of outstanding balances, will be integrated into the group’s Barclaycard division.


"Barclays has acquired the UK small business credit card portfolio of MBNA Europe Bank Limited.

The business, which comprises around 60,000 accounts with approximately £130 million of outstanding balances, will be integrated into the group’s Barclaycard division.

Commenting on the move, Barclaycard chief executive, Valerie Soranno Keating, says: “We are delighted to welcome 60,000 new customers who will benefit from Barclaycard’s deep understanding of commercial payments, built up over the last 34 years.”

She adds: “Following on from our recently announced intention to purchase the Egg credit card assets, this deal further reflects the growing diversification of our payments business and is priced at a small discount to outstanding balances.”

The bank agreed to acquire the UK credit card accounts of Egg last month; the business comprises around 1.15 million accounts with approximately £2.3 billion of gross receivables."