Premium Credit snapped up by credit card giant
Credit card giant MBNA Corp has acquired Epsom-based premium finance provider Premium Credit for £180m from HSBC Holdings and London-based buyout firm Electra Partners Europe.
Electra gained £84.1m from the deal and HSBC £32m.MBNA said it plans to use the acquisition to expand its UK operations. The existing management and staff will be retained and continue to be based at Epsom.Premium Credit has nearly 2 million customers and in 2003 it generated £2.5bn in gross advances and had £815m in outstanding loans, an increase of 17% over 2002.
MBNA said many of Premium Credit's existing customers were professionals and business owners, the same type of people MBNA had been
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