Virgin Money snaps up £363m of credit card assets from MBNA

Tim Wallace
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Virgin, built on the remains of Northern Rock, is creating new centres for modern banking
Challenger bank Virgin Money yesterday bought another portfolio of credit card assets from MBNA, continuing its acquisition spree as the lender bulks up.

Virgin Money paid £363m for the assets, 11 months after it bought a similar book for £1bn.

The lender snapped up the good bank part of Northern Rock to fully launch itself on to the high street in 2012, and is expanding its cards unit.

“This strengthens further the platform upon which we will build our future credit card business,” said chief executive Jayne-Anne Gadhia.

“During 2015. we will look to introduce new product lines and distribution channels to diversify our credit card offering and bring some fresh new competition to the UK market.”

The bank also sold its Church House Trust subsidiary, a savings and mortgages firm, for £13m to Ocean Industries.

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