Virgin Money plc (“Virgin Money”) has today announced the acquisition of £363 million 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.”
¹On 18 January 2013, Virgin Money announced that it would acquire £1,042.7 million of Virgin credit card assets from MBNA.
Since that date, all new credit cards sold have been written to MBNA’s balance sheet as Virgin Money has built its own credit card operation.
These new credit cards, totalling £363 million of customer balances, were purchased by Virgin Money and transferred to its balance sheet on 30 November
Virgin Money has partnered with MBNA since 2002 to provide marketing and direct distribution of Virgin credit cards. The programme is currently managed and serviced by MBNA through a servicing agreement ahead of a transfer to Virgin Money’s own credit card operations in 2015.
Virgin Money is the official sponsor of the London Marathon, the biggest annual one-day fundraising event in the world. Virgin Money has helped London Marathon runners raise over £¼ billion, including funds raised through Virgin Money Giving the not-for-profit online fundraising service, since 2010.