US investment bank Morgan Stanley has bought the credit card division of financial services firm Liverpool Victoria in a deal that will consolidate its position in the UK.
<p>Morgan Stanley will acquire the co-branded Visa and MasterCard credit card portfolio from the Liverpool-based company, while Liverpool Victoria will buy Morgan Stanley's non-credit card personal loan book. In addition, Liverpool Victoria will also market auto and home insurance products to Morgan Stanley cardholders.<br /><br />However, the bank will need to reissue the Visa branded cards as MasterCard, as Morgan Stanley is not a Visa issuer in the UK.<br /><br />According to a spokesperson who spoke to trade journal Cardline Europe, Morgan Stanley will work to develop rewards programs for the card portfolios and has plans to further expand its affinity card business in the UK.</p>