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Barclays is targeting an extension of its hold on Britain's credit card industry by tabling an offer to buy parts of a giant portfolio put up for sale by Bank of America (BoA), I have learned. The owner of Barclaycard tabled a preliminary offer for parts of MBNA Europe ahead of a deadline for offers last Friday, I'm told. Among the other bidders is Virgin Money, which is trying to acquire the portion of the business which issues cards under its name (which accounts for about one-third of the UK assets being auctioned). Barclaycard has a share of Britain's credit card market of approximately 20 per cent, according to the company, and it's unclear how much of the MBNA portfolio it would be able to acquire without prompting competition concerns.
I'm told that Barclays is potentially interested in buying the whole business although BoA is considering selling MBNA Europe in separate chunks.
Barclays and BoA have done business already this year: in April, the UK bank acquired a $200m portfolio of small business card loans from its US counterpart. Barclays also bought a chunk of the Egg cards business from Citigroup. Explaining the decision to sell its...Read more here---> Exclusive: Barclays Targets Credit Card Dominance | barclays | bank_of_america | mbna_europe | Kleinman | Sky News Blogs
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