MBNA Europe has acquired Premium Credit.
In a letter sent to brokers today, Premium Credit said that the existing management would remain intact and that the company would continue to be based in Epsom.
HSBC Insurance Brokers Holdings Ltd sold its minority investment in Vendcrown Ltd, the parent company of Premium Credit, to MBNA Europe for £32m in cash. All of the existing shareholders in Vendcrown Ltd, including Electra Partners, have also sold their stakes to MBNA Europe. It is understood the deal is worth £180m in total.
MBNA has more than 50 million customers worldwide, 850 endorsing organisations and over 4,000 employees in the UK.
