Part of the MBNA business in Carrick-on-Shannon, which employed a sizeable number of Donegal people, has been sold as a going concern, to a subsidiary of private equity firm Apollo Global Management.
It is understood that up to 250 of the 650 jobs based in County Leitrim will be secured.
The business is being sold by Bank of America to Apollo European Principal Finance Fund 1 (EPF), a fund affiliated with Apollo Global Management.
Jobs Minister Richard Bruton welcomed the announcement as well as the news that the UK operations served by the Carrick facility, which employs the remaining 400 people, will continue as a going concern, as part of the UK business.
Bank of America yesterday described its agreement to sell its consumer credit card service for the Irish market as a positive outcome for the business.
Ian O’Doherty, Europe Card Executive for Bank of America said the company is working through the operational requirements needed to ensure the transition is as seamless as possible for “customers and for our staff working in Carrick-on-Shannon”.