Bank of America Chester.

[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!

[Angry Cat]

Re: Bank of America Chester.

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

[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?

[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.

Mate it will not be wound down, there are leaks from the US (do a google search) which suggest that they're selling cheap - someone will buy them, a profitable card business will never be "wound down" - that will never be allowed to happen.

I suspect HBOS or Barclays will get it, more than likely Barclays as they don't need to explain the purchase to the taxman! However, rumour from US suggests that it could be sold to HSBC - who knows.....

Lots of rumours, but no way will MBNA Europe be liquidated. They'll keep it in the pipeline until they find a buyer, so expect nothing to change for at least a year what with due diligence and other regulatory checks/processes.

I bet it'll get sold fo0r a fraction, as a whole book sale so the buyer also gets all the PPi reclaims and mis-sales to deal with, oh plus the UE accounts

Its all good, that's the main thing - right?

Santander or Barclays?

[Angry Cat]

Re: Bank of America Chester.

Brian Moynihan unravels another Kenneth Lewis deal as BofA sells card unit - The Washington Post

[CleverClogs (RIP)]

Re: Bank of America Chester.

I cant see any organisation wanting to buy that many accounts that have the potential to be written off

Not even MacKenzie Hall?

[Never-In-Doubt]

Re: Bank of America Chester.

Apparently, it is undecided whether the business will be sold, or wound down.

Mate it will not be wound down, there are leaks from the US (do a google search) which suggest that they're selling cheap - someone will buy them, a profitable card business will never be "wound down" - that will never be allowed to happen.

I suspect HBOS or Barclays will get it, more than likely Barclays as they don't need to explain the purchase to the taxman! However, rumour from US suggests that it could be sold to HSBC - who knows.....

Lots of rumours, but no way will MBNA Europe be liquidated. They'll keep it in the pipeline until they find a buyer, so expect nothing to change for at least a year what with due diligence and other regulatory checks/processes.

I bet it'll get sold fo0r a fraction, as a whole book sale so the buyer also gets all the PPi reclaims and mis-sales to deal with, oh plus the UE accounts

Its all good, that's the main thing - right?

[pompeyfaith]

Re: Bank of America Chester.

Oscar,

Very good question m8 and one that we are all burning for an answer too inc me

Regards

[oscar]

Re: Bank of America Chester.

I just been reading some into this - partly as I still have friends that work there.

Apparently, it is undecided whether the business will be sold, or wound down.

I cant see any organisation wanting to buy that many accounts that have the potential to be written off - Harrison for example, and lets face it, we know for a fact there are a vast amount of acounts that would fail under CCA.

So assuming the latter happens and BoA just "let it go" - what happens to all the card debts? I know they cant force us all into paying instantly, but surely if there is no one to pay, it becomes something of a catch 22

[CleverClogs (RIP)]

Re: Bank of America Chester.

Please remeber that this lot are FECKERS

Is that better or worse than being feckless?

[MattyA]

Re: Bank of America Chester.

I know people who have worked there (outside maintenance contractors) - it is a fabulously ostantatious place,with some incredibly pompous/ bombastic staff - no doubt lovely surrendings to work in ,but also evidence of the spoils from their ill gotten gains.

No wonder they have been 'generous' supporters of the local community - they have been RIPPING OFF customers in the UK to some tune for many years!

Please remeber that this lot are FECKERS and will get no sympathy from me.

Matty

[garlok]

Re: Bank of America Chester.

Its always amazed me that these companies pleading poverty over something can claim that one particular element is a good spec to sell off and they can afford to sponsor god knows what. Should one of their prioities be the welfare of their employees. There are locla rumours already flying as to families in the USA getting in touch to find out how their relatives who have moved here are faring in the face of this.

Like the bit about Glyndwr (Glinndoooorr "as who and roll the R's") University, Niddy, they have just bought Wrexham FC's ground (the Racecourse) and the supporters have chipped in for the bond to let them play the coming season. How many time must this go bust before someone gets the message.

Perhaps ALL football clubs should be made their taxes on time like the rest of us!!!

regards
Garlok

[Never-In-Doubt]

Re: Bank of America Chester.

local version: ---> Future of Chesters MBNA HQ in doubt following global announcement - Chester Chronicle

[garlok]

Re: Bank of America Chester.

BBC News Wales 16 August 2011 Last updated at 19:09
Jobs worry as Bank of America plans Chester 'exit'

The business at Chester is 'successful and profitable,' says the company
Continue reading the main story Related Stories

• Bank of America in record losses
• Loan losses hit Bank of America
• Bank of America sees $1.2bn loss

An MP says he is concerned about the future of thousands of jobs after Bank of America decided to withdraw from the UK credit card market.
The company said it was "seeking to bring certainty" for the 3,500 staff at its European credit card HQ in Chester.
Alyn and Deeside MP Mark Tami said the news came "out of the blue" and there was no buyer at the moment.
Cheshire West and Chester Council leaders said they would do all they could to maintain current job levels.
Mr Tami said he believed up to half the workforce lived in north Wales, over the border.
Neighbouring Welsh councils are also worried about potential job losses and say they will work to help employeesles

updated 19.09 yesterday 16.08.11.