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Lloyds Bank gets approval to acquire MBNA

Lloyds Bank has received the approval from the Competition and Markets Authority to take over credit card firm MBNA. The bank is expected to spend £1.9 billion for the takeover. Lloyds had finalized the acquisition in December 2016. MBNA has assets of around £7 billion from Bank of America. The takeover will take Lloyds’ share of the credit card market from 15% to 26%. This would place it behind Barclaycard, which has a 27% share. The competition watchdog said it is not referring the deal for a Phase 2 investigation, which would have forced Lloyds to sell off assets to balance out its competitive position. The takeover deal is Lloyds first major transaction since its takeover of HBOS in 2008.

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