The second largest credit card issuer in the U.K. based on outstandings has purchased the fourth largest issuer in that country. Lloyds Banking Group will pay a premium of $2.35 billion (£1.9 billion) above the value of the outstanding receivables for the MBNA portfolio. MBNA, a subsidiary of U.S.-based Bank of America, has about five million customers and outstandings of around $10.00 billion. When the acquisition is complete, Lloyds’ market share of outstandings in the U.K. is expected to increase from 15% to 26%. Barclays is expected to continue to lead with a 29% share. The MBNA/Lloyds ...