Lloyds Said to Buy Bank of America’s UK Credit Card Business

[kreslik.news]

Lloyds Banking Group, UK’s biggest retail bank by market share, will pay £1.9 billion ($2.34 billion) to acquire Bank of America’s credit card business in Britain. Lloyds said it will buy the credit card outfit MBNA, which is owned by Bank of America Merrill Lynch, marking its first acquisition since the UK lender was rescued by the taxpayer in 2009.

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Lloyds wasn’t allowed to make acquisitions since its takeover of failing rival HBOS during the financial crisis. But the lender has returned to profit ... (read more)