Important information for UK Credit Card customers

Bank of Ireland UK has announced it will be transferring its UK credit card operations to a new partner, Jaja Finance Limited, in 2020.

As an existing Bank of Ireland UK Credit Card customer you don’t need to take any action. You can continue to use and service your credit card as normal.

For further information and FAQs see below:

Bank Statement:

Bank of Ireland Group plc (the ‘’Group’’)

Sale of UK credit cards portfolio

28 June 2019

As set out at the Investor Day in June 2018, and with a focus on increasing returns in our UK business, the Group undertook a strategic review of the UK credit cards business. Today, the Group announces that it has, through Bank of Ireland (UK) plc, agreed to sell the existing UK credit cards portfolio at par value. This comprises of the Post Office, the AA and the Bank of Ireland’s branded consumer credit cards for a consideration of c.£530m to CCP Credit Master Lux S.à r.l. and CSCP III Master Lux S.à r.l. which are special purpose investment vehicles advised by affiliates of Centerbridge Partners Europe LLP and Jaja Finance Limited (“Jaja”).

In addition, the Group and Jaja have entered into a separate long-term agreement under which Jaja will become the issuer for the AA and Bank of Ireland’s consumer credit cards.

As at 31 December 2018, the UK consumer credit cards portfolio was c.£545m and, in 2018, this business contributed £35m of total income and had operating expenses of £36m. The sale of this portfolio is expected to generate a c.70bps improvement in the UK business RoTE and c.10bps towards the Group’s CET1 ratio.

The sale proceeds will be used for general corporate purposes.


  • How does this affect me?

    If you are an existing customer you don’t need to do anything – you can continue to use your Credit Card as usual: it will work as normal. We will continue to service your Credit Card as we do now until it transfers to Jaja. You will receive information about the transfer before it happens.

  • Who are Jaja Finance?

    Jaja Finance are a UK based finance company authorised and regulated by the FCA. Their goal is to use new technology to simplify and improve the consumer credit card experience as well as providing great service and security.

  • Will my Terms and Conditions or Fees & Charges change?

    There are currently no plans to change your Terms & Conditions or Fees & Charges as a result of this announcement. However, in line with market practice, Terms & Conditions are kept under review and changes are made from time to time. Should there be any changes in the future, you will be informed in advance in line with the Terms and Conditions.

For further information please contact:

Bank of Ireland

Andrew Keating, Group Chief Financial Officer +353 (0)766 23 5141
Darach O’Leary, Head of Group Investor Relations +353 (0)766 24 4224
Damien Garvey , Head of Group External Communications and Public Affairs +353 (0)766 24 6716

This announcement contains forward-looking statements with respect to certain of Bank of Ireland Group plc (‘BOIG plc’) and its subsidiaries’ (collectively the ‘Group’) plans and its current goals and expectations relating to its future financial condition and performance, the markets in which it operates and its future capital requirements. These forward-looking statements often can be identified by the fact that they do not relate only to historical or current facts. Generally, but not always, words such as ‘may,’ ‘could,’ ‘should,’ ‘will,’ ‘expect,’ ‘intend,’ ‘estimate,’ ‘anticipate,’ ‘assume,’ ‘believe,’ ‘plan,’ ‘seek,’ ‘continue,’ ‘target,’ ‘goal,’ ‘would,’ or their negative variations or similar expressions identify forward-looking statements, but their absence does not mean that a statement is not forward-looking.

Examples of forward-looking statements include, among others: statements regarding the Group’s near term and longer term future capital requirements and ratios, level of ownership by the Irish Government, loan to deposit ratios, expected impairment losses, the level of the Group’s assets, the Group’s financial position, future income, business strategy, projected costs, margins, future payment of dividends, the implementation of changes in respect of certain of the Group’s pension schemes, estimates of capital expenditures, discussions with Irish, United Kingdom, European and other regulators and plans and objectives for future operations. Such forward-looking statements are inherently subject to risks and uncertainties, and hence actual results may differ materially from those expressed or implied by such forward-looking statements.

Nothing in this announcement should be considered to be a forecast of future profitability, dividends or financial position of the Group and none of the information in this announcement is or is intended to be a profit forecast, dividend forecast or profit estimate. Any forward-looking statement speaks only as at the date it is made. The Group does not undertake to release publicly any revision to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date hereof.