Apollo Nabs Irish Credit Card Biz As BofA Trims Fat

Law360, New York (March 21, 2012, 4:24 PM EDT) -- Apollo Global Management LLC said Wednesday it has agreed to buy Bank of America Corp.'s Irish credit card business, seven months after buying the bank's credit card operations in Spain.

Financial terms of the transaction were not disclosed. Apollo will also pick up the 250 employees in the business, which has about 200,000 accounts and about €650 million ($860 million) in receivables.

Together the two sales give Apollo more than $1.7 billion in European credit card loans. They also show a shrinking Bank of America that...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.