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Bank of America has put specialist finance business Premium Credit up for sale.
The company is understood to have made a profit of £33 million last year.
Premium Credit provides loans for both consumers and businesses, allowing them
to spread payments for insurance and other financial products.
The group is also the UK’s largest provider of insurance-premium finance with a
market share of 60%.
But although the group’s main business is insurance, it has expanded into
instalment plans for school fees and sports and leisure-club membership.
The bank inherited Premium Credit when it took over MBNA in 2005.
Source:
Credit
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