MBNA’s Irish business transfer to finalise in March

Local Government TD Frank Feighan has been informed that MBNA’s Irish credit card operations in Carrick-on-Shannon will fully transfer to its new owner, Apollo Global Management, in March 2013. Earlier this year, Apollo, a leading global investment company, announced it intention to buy MBNA’s Irish portfolio from Bank of America Europe Card Services.

Local Government TD Frank Feighan has been informed that MBNA’s Irish credit card operations in Carrick-on-Shannon will fully transfer to its new owner, Apollo Global Management, in March 2013. Earlier this year, Apollo, a leading global investment company, announced it intention to buy MBNA’s Irish portfolio from Bank of America Europe Card Services.

“Apollo’s acquisition of MBNA’s Irish business was rightly hailed as a major breakthrough for the Carrick-on-Shannon plant. This transaction has ensured the protection of 250 jobs at one of the region’s largest employers,” he said.

“I have now been in recent contact with Bank of America management seeking an update on the progress of this transaction. I understand that the plans to transition MBNA’s Irish business to Apollo are proceeding as normal and it is expected that the business will transfer fully in March 2013.

“Of course, the next significant challenge now is to safeguard the other 400 employees managing MBNA’s UK business, which is still being run as a going concern by Bank of America. The process to identify a buyer for the UK loan book is on-going and, while it may not be sold in the short-term, I know all stakeholders are doing all they can to progress this issue.

“It’s also important to note that this UK business will operate in a business as usual manner under Bank of America’s management after the Apollo transfer of the Irish business has occurred,” concluded Deputy Feighan.