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Bank of America to Complete Sale of U.K. Consumer Card Business Ahead of Schedule
Bank of America announced that it expects to complete the sale of its consumer credit card business in the United Kingdom, MBNA Ltd., to Lloyds Banking Group on June 1, sooner than previously communicated.
Upon closing, Bank of America expects to record a minimal after-tax gain associated with the sale. The primary ongoing impacts to the income statement will be a reduction in net interest income, offset in part by a reduction in non-interest expense. In addition, the sale is expected to improve Basel 3 risk-based capital ratios by approximately 11 basis points under the Advanced approaches and 15 basis points under the Standardized approach in the second quarter ending June 30, 2017.
The U.K. consumer credit card portfolio had approximately $9.4 billion in credit card receivables and earned $211 million in interest income in the first quarter of 2017. The transaction does not impact Bank of America’s global commercial card business, which is part of Global Transaction Services.
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.
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