Lloyds Banking Group has completed the takeover of the credit card business MBNA from Jersey Holdings, a subsidiary of Bank of America.

Lloyds, which has a major centre in Barnwood, says it has strategic ambitions to grow in consumer finance and the UK prime credit card market.

Commenting on the transaction, Lloyds Group chief executive António Horta-Osório said: "The acquisition, which is funded through strong internal capital generation, increases our participation in the UK prime credit card market, where we were under-represented, and strengthens our position as a UK focused retail and commercial bank.

"The MBNA brand and portfolio are a good fit with our existing card business and we will focus on providing its customers with excellent service and value. Our proven integration capabilities and low cost to income ratio will deliver significant synergies and value to our shareholders."