Friday 13th October 2006
MBNA has topped the charts in a new credit card comparison report.
The Bank of America credit card overtook the Royal Bank of Scotland to make it the largest single lender in 2005, according to statistics published by Datamonitor.
Michael Rhodes, European card services president for the Bank of America, told the Liverpool Daily Post: "We entered the UK credit card market 13 years ago with no customers.
"To become the largest issuer in the market in that time from a standing start is very remarkable. People here are really very excited by this news."
The figures show MBNA held over 15 per cent of total outstanding debts on credit cards in 2005, less than one per cent ahead of the Royal Bank of Scotland, with Barclaycard in third place.
However, in terms of numbers of cards in circulation, the Royal Bank of Scotland remained market leader due to its joint ventures and multi-brand issuing. It was found to have issued about 16 per cent of cards currently in existence, just ahead of HSBC.
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