Lloyds to Acquire BofA's U.K. Credit Card Business

Lloyds Bank acquires Bank of America's UK credit card portfolio, MBNA, for £1.9 billion to increase its market share and offset lower mortgage income. Bank of America, having purchased MBNA in 2006, aims to exit the UK market, making a minimal post-tax gain. The UK government, holding a small stake in Lloyds, views the deal as neutral but notes potential risks due to Brexit. The focus shifts to Bank of America's future strategies post-sale.

What was the amount that Lloyds paid for Bank of America's UK credit card portfolio?

What market share did MBNA have in the UK credit card market?

Why does Bank of America want to sell its UK credit card portfolio?

What does the government think about the deal from its perspective?

What concerns might the government have regarding Lloyds' acquisition of higher margin credit cards?