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Lloyds to buy BOA's UK credit-card unit for £1.9b

The British bank forecasts some 17% underlying return on investment in second full year after MBNA's acquisition

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Lloyds Banking Group plc agreed to buy Bank of America Corp's (BOA) MBNA credit-card business in the UK for £1.9 billion (S$3.4 billion) in cash, marking its first major deal since being rescued by British taxpayers eight years ago.

London

LLOYDS Banking Group plc agreed to buy Bank of America Corp's (BOA) MBNA credit-card business in the UK for £1.9 billion (S$3.4 billion) in cash, marking its first major deal since being rescued by British taxpayers eight years ago.

The acquisition of MBNA, which has about £

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