Lloyds bank says buys credit card firm MBNA for £1.9bn
Britain economy
London - Arab Today
Britain's state-rescued Lloyds Banking Group has agreed to buy Bank of America's UK credit card division MBNA for £1.9 billion ($2.4 billion, 2.3 billion euros), it said on Tuesday.
“The acquisition... increases our participation in the expanding UK credit card market with a multi-brand strategy and advances our strategic aim to deliver sustainable growth as a UK focused retail and commercial bank," said LBG Chief Executive Antonio Horta-Osorio in a statement announcing the acquisition.
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