Virgin Money Announces UK Credit Card Business Launch
Virgin Money has announced it will be launching its own credit card business, following an agreement to buy £1 billion of assets from the Virgin credit card portfolio from MBNA Ltd, part of Bank of America Corporation. Virgin Money has partnered with MBNA since 2002 to provide marketing and direct distribution of Virgin credit cards. The programme is currently managed and serviced by MBNA through a partnership agreement. The acquired credit card book will be transferred fully to Virgin Money’s own operations in early 2014.