NatWest is understood to be planning an all-out assault on co-branded and “affinity” US credit card issuers MBNA and Beneficial Bank.
NatWest is negotiating with several high-profile organisations to launch co-branded cards, in an attempt to regain market share.
It seems the high street bank has gazumped MBNA in a deal to administer a Visa credit card with Orange, the mobile phone network operator (MW Feburary 16). MBNA entered the UK credit card market in 1993 with the launch of its GM Card.
Beneficial Bank has built its market share in the UK through the launch of affinity cards linking political parties, charities and media owners.
NatWest was unavailable for comment.