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20 Dec

December 2016 – Lloyds Bank to buy MBNA for £1.9bn

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Lloyds is to buy credit card firm MBNA from Bank of America for £1.9bn, giving them a 26% share of the UK credit card market.

The MBNA deal is the first acquisition for Lloyds since the banking giant took on collapsed bank HBOS in September 2008 in the midst of the financial crisis.

However, that deal ultimately led to the government stepping in to bail out Lloyds, and it ended up with a 43% stake.

Industry experts question, why that after previous failings, Lloyd are able to buy one the largest credit card companies in the UK.

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