Deal to buy credit card issuer with 7m clients and gross value of £7bn is bank’s first major acquisition since financial crisis of 2009
Lloyds Banking Group is to spend £1.9bn on MBNA, a credit card business owned by Bank of America, as the UK lender continues its recovery from the financial crisis.
It will be Lloyds’ first major acquisitions since it was bailed out at the height of the banking crisis in 2009, at a cost of £20bn to the taxpayer.
Related: Lloyds Bank pays £1.9bn for MBNA, while Bank of Japan holds interest rates - business live
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