Virgin to launch own credit card
VIRGIN Money is to launch its own credit card business after buying £1billion of assets from Bank of America’s MBNA.
The Sir Richard Branson-backed bank has partnered with MBNA since 2002 to provide marketing and distribution for Virgin credit cards. The acquired credit card book will transfer fully to Virgin Money early next year, creating 150 new jobs.
The Sir Richard Branson-backed bank has partnered with MBNA since 2002
Virgin Money chief Jayne-Anne Gadhia said: “A credit card business will complement our existing mortgages and savings business and represents another significant step in growing our bank.”