Posted August 18th, 2011
US financial institution Bank of America has decided to exit its Irish and UK credit card businesses, putting over 700 jobs at risk in Carrick-on-Shannon. The decision to sell MBNA was deemed necessary by BoA to improve its overall balance sheet and offload non-core assets.
As one of the largest credit card companies in Europe, MBNA employs approximately 4,000 people with Eur13bn in credit card loans. It has been in Ireland since 1997 and offered a range of credit card services during its tenure. Companies such as Ryanair, EBS and Irish Nurses have availed of its services.
As of now, a buyer has not yet emerged for MBNA. According to a spokesperson of the bank, no timeframe had been constructed. The spokesperson went on to say that the focus of the bank would now be wealth management, commercial and corporate banking. Therefore, the bank’s Dublin-based operation, which employs 1,000 people, is not expected to be affected.