Biba welcomes private equity capture of Premium Credit

Graeme Trudgill

The US private equity firm today confirmed it had bought the premium finance provider in a £900m deal from Bank of America (BoA) affiliate MBNA Europe.

Last year, the BoA confirmed it would exit its UK and Ireland credit card retail businesses.

And Biba - which recently extended its endorsement deal with Premium Credit for a further three years - said it was pleased the provider's future was now confirmed.

Speaking to Insurance Age, Biba's head of corporate affairs Graeme Trudgill said: "It's

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