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.