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Virgin Money May Buy Part of MBNA’s Card Unit, Telegraph Reports

Virgin Money Holdings U.K. Ltd. is in the final stages of buying part of MBNA Europe Bank Ltd.’s 10 billion-pound ($15.5 billion) U.K. and Irish credit card portfolio, the Sunday Telegraph reported.

Billionaire Richard Branson’s Virgin Money may buy 3.5 billion pounds of the portfolio, the newspaper said, citing an unidentified person familiar with the sale. Barclays Plc’s Barclaycard may buy the remaining 6.5 billion-pound portfolio, the Sunday Times said, citing another person. Virgin and Barclays declined to comment to the newspaper.

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