London - Virgin Money, the British financial group backed by
Richard Branson, said on Friday it will launch a credit card business after
buying £1bn ($1.6bn) of assets from Bank of America's MBNA unit.
The loans being bought are from the Virgin credit card
portfolio which has been managed and serviced by MBNA since 2002 under a
The book will be fully transferred to Virgin Money early
next year. Virgin Money, which bought Northern Rock a year ago, said it
expected to create at least 150 new jobs through its own credit card business.
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