Bank of America has announced plans to exit its Irish and UK credit card businesses. Bank of America owns credit card business MBNA in Ireland, which employs around 1,000 people.
Bank spokesman Jerry Dubowski was quoted as saying that it had not decided whether to sell or wind down those operations.
Bank spokesman Jerry Dubowski was quoted as saying that it had not decided whether to sell or wind down those operations.
Jobs, Enterprise and Innovation, Richard Bruton, said this evening that he had been in contact with Bank of America officials after the announcement.
Minister Bruton said he had been in contact with Bank of America to discuss the implications of the decision for the MBNA facility in Carrick-on-Shannon.
'I have also spoken to the IDA and asked them to work closely with the company with a view to assisting them finding a buyer for the business as a going concern,' he said.
The US bank also announced plans to sell its credit card business in Canada to TD Bank Group.
'While the credit card remains a fundamental core product for our US customers, an international consumer card business under another brand is not consistent with that strategy,' said Bank of America CEO Brian Moynihan.
The proposed card sale comes as the US bank seeks ways to boost its capital cushion as it fights lawsuits and credit problems related to its ill-fated acquisition of home mortgage lender Countrywide Financial three years ago.
The bank has lost more than $22 billion in its consumer mortgage division in the last four quarters. It agreed in June to pay $8.5 billion to mortgage securities investors and is fighting numerous lawsuits challenging the settlement and other mortgage issues.
Bank of America said it agreed on August 3 to sell its card business in Spain to Apollo Capital Management. In April, it sold a small business lending portfolio in the UK to Barclays.
