Bidders Circle £7bn Credit Cards Giant MBNA

MBNA, one of Britain's biggest credit card issuers, is being circled by potential buyers after being put up for sale by its US owner. Sky News has learnt that Bank of America (Swiss: BAC.SW - news) (BoA) has initiated plans for an auction of MBNA, which has a loan book of about £7bn - equivalent to roughly 11% of the UK credit card market. The sale comes more than four years after a previous sale attempt by BoA attracted a failed offer from Apollo Management, a private equity firm, and an