Centerbridge and Jaja Finance to acquire Bank of Ireland credit card portfolio for £530m.

Centerbridge Partners Europe and Jaja Finance agreed to sell the existing UK credit cards portfolio of Bank of Ireland (UK) for c.£530m. In addition, the Group and Jaja have entered into a separate long-term agreement under which Jaja will become the issuer for the AA and Bank of Ireland’s consumer credit cards. “Jaja is an innovative company which shares our commitment to delivering outstanding customer service. We are proud to partner with them, and bring their next generation credit card to customers across the UK. Today’s announcement demonstrates the Bank’s continued progress in delivering against its strategic targets for growth and transformation to 2021, as set out at its Investor Day in June 2018," Bank of Ireland UK, Des Crowley CEO.