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Barclays buys MBNA’s UK small business credit card business
BARCLAYS Bank has bought MBNA Europe Bank’s Small Business credit card portfolio in the UK, acquiring approximately 60,000 accounts with around £130m of outstanding balances at the end of February.
The portfolio will be integrated into its payment division, Barclaycard.
Valerie Soranno Keating, chief executive of Barclaycard, said: “Following on from our recently announced intention to purchase the Egg credit card assets, this deal further reflects the growing diversification of our payments business and is priced at a small discount to outstanding balances.”
According to Barclays, Barclaycard managed around £200bn in payments last year from more than 20m consumers and 240,000 business customers.