27th May 2016 16:20
LONDON (Alliance News) - Lloyds Banking Group PLC is preparing a bid for Bank of America's GBP7.0 billion credit card business in the UK, MBNA, the Financial Times reported Friday.
According to the report, bankers have said MBNA is likely to attract interest from a number of groups including Barclaycard, Virgin Money, Santander UK and private equity groups.
The business fits with Lloyds' search for acquisitions to speed up its expansion in niche areas such as unsecured consumer loans, car finance, leasing and fleet management.
Shares in Lloyds closed down 0.1% at 72.73 pence.
http://www.ft.com/cms/s/0/1b6b1a68-240e-11e6-9d4d-c11776a5124d.html#axzz49sC35CvL
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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