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BRIEF-Bank of America expects to complete sale of consumer credit card business in UK, MBNA Ltd, to Lloyds Banking Group on June 1
May 31, 2017 / 12:38 PM / 3 months ago

BRIEF-Bank of America expects to complete sale of consumer credit card business in UK, MBNA Ltd, to Lloyds Banking Group on June 1

May 31 (Reuters) - Bank Of America Corp:

* Bank of America - expects to complete sale of consumer credit card business in U.K., MBNA Ltd., to Lloyds Banking Group on June 1

* Bank of America Corp - upon closing, Bank of America expects to record a minimal after-tax gain associated with the sale‍​

* Bank of America Corp - the transaction does not impact bank of America's global commercial card business, which is part of global transaction services‍​

* Bank of America - primary ongoing impacts to income statement will be a reduction in net interest income, offset in part by reduction in non-interest expense

* Bank of America - sale is expected to improve basel 3 risk-based capital ratios by about 11 basis points under advanced approaches in q2

* Bank of America - sale is expected to improve basel 3 risk-based capital ratios by about 15 basis points under standardized approach in q2 Source text (bit.ly/2sdaVcZ) Further company coverage:

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