Hints and tips:
...Lloyds Bank has completed a £1.9bn takeover of the MBNA credit card business, in its first major acquisition since the financial crisis....
...He also cited what he called “transient” factors for the margin compression, including the disposal of MBNA, the UK credit card business....
...A sale to Lloyds could be bad news for the town of Chester, where the MBNA business is based....
...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....
...Investors seem to think he can repeat the trick with MBNA....
...BofA has pulled the sale of MBNA before....
...The move by BofA to put MBNA up for sale was first reported by Sky News. Lloyds, Virgin Money, Barclays and MBNA declined to comment....
...Lloyds has made an offer for MBNA, the UK credit card provider, but its owner Bank of America has put the auction under review after the Brexit vote hit the price of the asset....
...Robert Bushell Clipper captain The MBNA Thames Clippers master, who ferries commuters and tourists up and down the river, started his career on restaurant cruises....
...The remaining two-thirds, accounting for around £2bn worth of lending, will stay with MBNA....
...The US private equity groups have joined forces to bid for the business, called MBNA Europe Bank, two people close to the situation said....
...The biggest employer in Chester by far is MBNA, the European credit card arm of Bank of America....
...The MBNA sale will be a boost to BofA’s capital ratios....
...The US bank, the country’s largest by assets, acquired the MBNA cards business in 2006, part of a growth spree that also saw it buy Countrywide, the mortgage lender, and Merrill Lynch, the broker....
...www.mbna.co.uk...
...www.mbna.co.uk or 0800 068 8788...
...MBNA has also launched a similar Visa credit card which pays 1.25 per cent on supermarket and fuel purchases, and 0.5 per cent on all other card purchases....
...Bank of America arrived in Chester 18 years ago to run its MBNA credit card operation. It became the largest private sector employer and a key backer of local events and charities....
...inquiry into the bank’s foreclosure practices, remain unresolved, Mr Moynihan said BofA was on its way to becoming the “capital-generation machine” it aspired to be when it was snapping up companies such as MBNA...
...Barclays, Lloyds Banking Group, MBNA, HSBC and HFC are the lenders putting claims on hold....
...But, flush with the success of bold acquisitions in previous years, including Fleet Financial and MBNA, BofA ploughed ahead with LaSalle, despite concerns over the worsening quality of its assets....
...The song contains immortal lines like – “Two great companies come together/ MBNA and BOA/ One bank, one card, one name that’s known all over the world”. Bono himself couldn’t have put it any better....
...With the earnings power added from recent acquisitions including Countrywide, Merrill, LaSalle Bank and MBNA, along with the cost savings opportunities, Price said although he can’t predict future results...
...The loss is the bank’s first in the business since BofA bought rival card issuer MBNA in January 2006....
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