Virgin Money possible buyer of MBNA in Co Leitrim

Bank of America’s MBNA business in Carrick-on-Shannon has caught the eye of Richard Branson as a potential acquisition by his operation Virgin Money, according to reports today.

Bank of America announced earlier this month it was withdrawing its business in Ireland and the UK, arousing fears for the 1,000 people employed at its offices in Carrick-on-Shannon in Leitrim.

IDA Ireland is identifying potential bidders for the Carrick-on-Shannon business, but must await a decision from Bank of America on what it plans to do with it, ie whether it will be sold as a going concern or whether it will wind down or sell its $19 billion loan book.

Virgin Money already has a long relationship with MBNA, which has run the Virgin credit card over the past 10 years. It showed its interest in acquisitions in July when it put in a bid for UK savings and mortgages bank Northern Bank.