Credit card provider Avantcard has agreed a deal with Tesco Bank to buy its Irish credit card portfolio, subject to regulatory approval. 

Under the deal, 27,000 Tesco Bank credit card accounts will be transferred to Avantcard.

Avantcard said it will work with Tesco Bank to create a "comprehensive communication plan" to ensure every customer has a seamless transition to their new credit card provider.

Today's deal, which is expected to be complete by Autumn, follows Avantcard's partnership with Chill Money in 2017.

Avantcard is headquartered in Carrick-on-Shannon in County Leitrim with an office in Dublin. The company employs about 200 people in Ireland.

Chris Paul, Managing Director of Avantcard, said that as a dedicated consumer finance business, the company has built up a team of experts who specialise in the area of resolving customer credit needs.  

"Avantcard's strategy is to be a leading consumer finance provider in Ireland by 2020, and this will be achieved through ongoing product innovation, continuing investment and strategic partnerships," Chris Paul said. 

Will Curley, Director of Transactional Banking at Tesco Bank said he believes that Tesco's customers will be well served by Avantcard's strong digital servicing platform.  

"Our priority now is to work closely with Avantcard to ensure a seamless transition for our customers to their new credit card provider," Mr Curley added.