Compelo Banking - Latest industry news and analysis is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More

Virgin Money purchases £363m credit card asset portfolio from MBNA

Virgin Money has announced the acquisition of £363m of Virgin credit card assets from MBNA (a Bank of America company).

The accounts acquired are new Virgin Money accounts written since Virgin Money acquired a £1 billion portfolio of Virgin credit card assets from MBNA on 18 January 20131.

Jayne-Anne Gadhia, Chief Executive at Virgin Money said: "I am delighted to confirm we have acquired an additional £363 million of Virgin Credit Card customer balances from MBNA. This strengthens further the platform upon which we will build our future credit card business.

"Our credit card business complements our existing mortgages and savings business and represents another significant step in growing our bank. 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."