MBNA Europe acquired Premium Credit for £180m from a consortium that was backed by Electra Investment Trust

Premium Credit is a leading UK provider of premium finance that enables companies and individuals to pay for insurance and other financial products in instalments rather than single individual payment.

MBNA, the US credit card giant acquired Premium Credit from the previous owners, Electra Investment Trust and the Company’s Management Team.

The business was then subsequently sold to a private equity group for £900m.