Bank of America Dumping Credit Card Business to Lloyds

Bank of America is getting out of the consumer credit card business, except in the homeland. In the UK this morning Bank of America announced it was getting rid of it’s credit card business it had bought from MBNA and passing it on to Lloyds Bank.

The Delaware Business Times is reporting “The sale completes the transformation of Bank of America’s consumer credit card business from a multi-country, multi-brand business to a single-brand business serving core retail customers in the United States. The transaction is expected to close by mid-2017, subject to regulatory approval. Depending on closing conditions, Bank of America expects to record a minimal after-tax gain associated with the sale.”

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