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Virgin Money to launch credit card

Jan 18 2013 19:09 Reuters

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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 partnership agreement.

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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