Lloyds-owned MBNA offers some of the longest zero-interest deals on the market
The boss of credit card firm MBNA has been promoted by Lloyds to oversee a push of consumer lending.
Elyn Corfield joined the bank when it bought MBNA for £1.9billion earlier this year and is now being put in charge of its overall cards business.
It means she will oversee 26 per cent of Britain’s credit card market, with only Barclaycard holding a bigger share.
The appointment is part of a wider shake-up across the bank as boss Antonio Horta-Osorio looks to concentrate on creating growth.
Ministers sold the taxpayer’s last stake in Lloyds earlier this year and executives are now focusing on its future as a private sector business.
Its purchase of Cheshire-based MBNA triggered concerns from campaigners that the bank was dipping its toe in risky lending and could forget the lessons of the past.
It offers some of the longest zero-interest deals on the market, at up to 30 months.
Anti-debt groups fear such offers are fuelling a dangerous credit bubble, although MBNA insists it is responsible.
Corfield, 47, is replacing Dan Meredith-Jones.
He is thought to be moving to another role within the bank.
Lloyds declined to comment.
Shares in the bank fell 0.5 per cent, or 0.29p, to 63.4p yesterday.
Courtesy: Daily Mail Online