Chester jobs under threat as MBNA pulls out of UK
ALMOST 4,000 jobs in Chester are under threat following Bank of America’s decision to exit the UK and Irish credit card market.
The company employs around 4,000 people at Chester and around 1,000 at Carrick-on-Suir in Ireland under the MBNA banner. It initially set up its base in Chester 18 years ago, but yesterday announced its withdrawal from both the UK and Ireland alongside the sale of its Canadian credit card business to TD Group following a review.
The company’s chief executive officer Brian Moynihan said: “While the credit card remains a fundamental core product for our US customers, an international consumer card business under another brand is not consistent with that strategy.”
The bank said that it operates one of the largest credit card businesses in Europe, with more than $19bn in credit card loans.
It has already sold its credit card business in Spain to Apollo Capital Management and a UK company which offered loans to businesses. The latter, which had a loan book worth around $200m, was sold to Barclays back in April. Staff were reportedly informed of the decision yesterday.
Only last month, MBNA agreed a three-year sponsorship deal with Premiership rugby union side Sale Sharks.
Cheshire West & Chester Council have pledged to help secure a buyer for the business, which is the biggest private sector employer in the city.
Council Leader Mike Jones said: “It is a profitable business operating out of high-quality accommodation with cutting edge technology – an attractive proposition for investment.”
Chief executive Steve Robinson said: “We will be extremely sad to lose this company, which has become a real part of Chester since it arrived 18 years ago. It will surely be remembered for a long time for the leading role it has played in the life of the city.
“We are, of course, are prepared to do everything possible to welcome the new owners and support them to maintain current levels of employment.”
Only last month, MBNA agreed a three-year sponsorship deal with Premiership rugby union side Sale Sharks.
