The largest retail lender in the US, Bank of America, is looking for a buyer for its UK financing business Premium Credit, news reports have suggested.
The US bank is believed to want GBP300 million for the British division, which provides loans to individuals and companies to finance insurance payments and other financial responsibilities.
Premium Credit is the largest provider of insurance-premium finance in Britain, with a market share of 60% and more than two million customers, the Times Online reports.
Bank of America’s valuation for the business indicates the US lender is looking for a GBP120 million mark up just two years on from when MBNA purchased the firm.
Bank of America inherited Premium Credit when it completed its purchase of credit card giant MBNA at the beginning of the year.