NEWARK, Del. - MBNA Corp. said it would open a subsidiary, MBNA International Bank, to issue credit cards in Great Britain.
MBNA, the nation's third-largest credit card issuer, with nearly $10.6 billion of managed loans, said the unit would open next month in Chester, England, and have a business-development office in London. MBNA has obtained approvals from both the Bank of England and Federal Reserve Board.
MBNA expects to challenge leading British card issuers including National Westminster PLC and Barclays PLC.