Virgin Money buys 363 million pounds credit card portfolio from MBNA
LONDON (Reuters) - British bank Virgin Money has purchased credit card balances worth 363 million pounds from Bank of America-owned MBNA (BAC.N), expanding its credit card business.
Virgin, which listed on the London Stock Exchange last month and is looking to challenge Britain's biggest lenders, acquired a credit card portfolio worth 1 billion pounds from MBNA in January last year.
"Our credit card business complements our existing mortgages and savings business and represents another significant step in growing our bank," said Chief Executive Jayne-Anne Gadhia.
(Reporting by Matt Scuffham; Editing by Nishant Kumar)