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British’s Virgin purchases $570 million credit card portfolio from MBNA

British’s Virgin purchases $570 million credit card portfolio from MBNA

LONDON: Virgin Money, the British bank has purchased credit card balances worth 363 million pounds ($570 million) from MBNA American Bank, expanding its credit card business.

Further Virgin, listed on the London Stock Exchange last month and looking to challenge Britain’s biggest lenders, acquired a credit card portfolio worth 1 billion pounds from MBNA in January last year.

Chief Executive Jayne Anne Gadhia said our credit card business complements our existing mortgages and savings business and represents another significant step in growing our bank.