Bank of America Chester.

[Never-In-Doubt]

Re: Bank of America Chester.

Santander or Barclays?

Possibly, but HBOS just bought Citi (via Opus) so it could be them - dark horses who do specialise in cards....

Be interesting though, hmmm - shall we take bets

[Angry Cat]

Re: Bank of America Chester.

Barclays gave already bought part, why not the rest?
Barclay's Bank may be in frame for MBNA credit business buy-out | Irish Examiner

Barclays, have already bought the Goldfish/Morgan Stanley card, not forgetting the rotten EGG Card, of course.

One wonders though, if they may have problems with the Competition Commission?

[Angry Cat]

Re: Bank of America Chester.

Virgin Money could acquire MBNA business - North Wales News - News - Daily Post North Wales

[Never-In-Doubt]

Re: Bank of America Chester.

Virgin Money could acquire MBNA business - North Wales News - News - Daily Post North Wales

Then you also have Tesco Bank - they wanted to break away, but they want NR don't they?

It really is a fire-sale..... biig style!

* if only they knew what they were letting themselves in for!

[oscar]

Re: Bank of America Chester.

Havent read all the links above, but I REALLY cant see Barclays buying it - i think the Competition Commission may have something to say. MBNA and Barclays have traditionally traded blows as to who is the market leader, both being around 17%. If Barclays were to buy them, it would potentially give them a market of 34% - far in excess of any other provider.

Tesco bank already have their own branding, so cant really see that one.

Virgin I suppose is a possibility, given a large portion of the cards are theirs anyway, but that still doesnt give them access to the high street.

I too cant REALLY see it being wound down, but that statement was from one of the American business managers / directors within the company.

[Never-In-Doubt]

Re: Bank of America Chester.

I too cant REALLY see it being wound down, but that statement was from one of the American business managers / directors within the company.

Typical then, without a clue?

[oscar]

Re: Bank of America Chester.

Typical then, without a clue?

99.99% of MBNA / BoA haven't got a *u*king clue!!!

[pompeyfaith]

Re: Bank of America Chester.

I thought Virgin was a part of MBNA.

I applied and got a virgin card not knowing they where part of MBNA and MBNA split my 7k limit between the two cards.

As I wanted a complete break from MBNA I cancelled the Virgin card and sort another card company to take my MBNA debt without any luck.

[oscar]

Re: Bank of America Chester.

I thought Virgin was a part of MBNA.

Virgin Credit Cards are issued by MBNA, but it is only an association. They are not actually owned by MBNA / BoA itself.

[CleverClogs (RIP)]

Re: Bank of America Chester.

I applied and got a virgin card

Without having to prove your chastity?

[Lakeside1]

Re: Bank of America Chester.

I think the tone of the chatter that is coming from BoA is rather telling....

Saying that they are "considering their options" is not the type of language you would expect from a business that is expecting a bidding war for what they're seeking to offload. Whatsmore, this book of business will have already been touted around any serious contenders in the market as the preferred option is always to announce your withdrawal from a market at the same time as announcing the buyer (as was the case with their Canadian and Spanish offloads), thus maintaining a positive spin.

I think their UK business is much more toxic and if parking it and walking away is quicker and easier (even if not cheaper) than selling it on, then it'll definitely be high up their list of options. Time will tell.

[pompeyfaith]

Re: Bank of America Chester.

I wonder if there recent fine from the FSA has an adding factor to this decision, and by going about it as you say is bound to give there share prices a knock.

[Never-In-Doubt]

Re: Bank of America Chester.

Thing is if they close it then they'll still be liable for many years for any comebacks.

If they sell, they absolute assign all rights thus no comeback....

[garlok]

Re: Bank of America Chester.

Its going to be interesting to see which of the vultures makes the first move. However if the business is sold and as we know all rights and obligations are assigned in absolute and disputes arise as we have seen about documentation it is a moot point as to how the purchase is going to handle it. Seeing the way MBNA/BoA conduct themselves ther ain't going to be a lot of paperwork is there for the lemon buyer to fall back on.

regards
Garlok

[pompeyfaith]

Re: Bank of America Chester.

What is the case as far as a court Judgement goes if they sell the business absolute does the buyer then become responsible for collection.

I know I have a responsibility to pay within the terms of the court judgement, however that is to MBNA ?