19 August 2017
Find out more

MBNA Europe acquires Alliance & Leicester credit card portfolio

01 August 2002  |  10706 views  |  0 MBNA Europe acquires Alliance & Leicester credit card portfolio

MBNA Europe Bank Limited has acquired the $1.2 billion credit card portfolio of the UK's Alliance & Leicester (A&L).

As part of the agreement, MBNA will own A&L's credit card receivables and will manage the card programme under the A&L brand. MBNA will be responsible for all credit, customer service, customer assistance and operational decisions.

The acquisition includes a long-term agreement under which MBNA will market credit cards to A&L's 5.5 million customers through A&L's 310 branches in the UK. MBNA will manage the A&L card portfolio from its administrative and operations facilities in Chester, England.

Bruce Hammonds, chief executive officer of MBNA America Bank, says: "The quality of the A&L card portfolio is exceptional...At the same time, there's terrific potential for growing the portfolio, which we'll do by offering a wider range of products and services."

Richard Pym, group chief executive of Alliance & Leicester, states: "After a full review we have concluded that the best way to do this for our credit card customers going forward is through this arrangement with the world's leading independent credit card lender, MBNA."

Inclusive of the A&L portfolio, MBNA today has more than a 14 per cent market share of all credit card receivables in the United Kingdom and a 19 per cent share in Ireland.
KeywordsFINDEX

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Online single sign-on first application for A&L middleware suite

Online single sign-on first application for A&L middleware suite

26 July 2002  |  4430 views  |  0 comments
Alliance & Leicester launches business start-up service

Alliance & Leicester launches business start-up service

21 June 2002  |  3396 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.dorsum.eudownload the paper nowvisit www.niceactimize.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
8676 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7687 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
6930 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6351 views 1 | 5 tweets | 3 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
6201 views comments | 11 tweets | 9 linkedin

Featured job

Find your next job