Lloyds to Buy Bank of America’s British Credit Card Business
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A branch of Lloyds Bank in London. The deal culminates years of upheaval and reorganization at the bank.CreditKirsty Wigglesworth/Associated Press
LONDON — Lloyds Banking Group will buy Bank of America’s British credit card business for about $2.4 billion, signaling a major turning point for Lloyds eight years after a government bailout.
The deal for the business, called MBNA Limited, will bolster Lloyds’s consumer finance business in Britain by adding about 7 billion pounds, or $8.7 billion, in assets. Lloyds also said its market share in the British credit card market would rise to more than a quarter from 15 percent, a level that would bring it closer to Barclays, the largest provider of credit cards in Britain with a share of nearly 30 percent…
Lloyds to Buy Bank of America’s British Credit Card Business
