Banking group Alliance and Leicester has sold its credit card business to card issuer MBNA Europe in a £225 million deal.
The move could result in job losses among the operation's 350 staff. A spokesman said the group could not rule out job cuts.
He said the bank was working with staff bodies to redeploy staff in other roles, and was aiming to avoid compulsory redundancies wherever possible.
The business, which includes 1.3 million credit card accounts with balances of £800 million, employs the staff in various locations around the UK.
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