Wednesday, March 21, 2012

BofA sells Irish consumer credit card portfolio

Bank of America has agreed to sell its Irish consumer credit card portfolio to an Apollo Global Management LLC fund, the latest in the Charlotte bank's efforts to sell noncore businesses to raise capital.

Apollo will take on more than 200,000 cards that have a balance of more than 650 million euros. It will also acquire the 250 employees who serve the portfolio in Ireland. Terms of the deal were not disclosed.

The announcement follows a similar one in August, when Apollo purchased a Spanish consumer credit card portfolio from the bank.

The deal still must be approved by regulators.