27 January 2004
HSBC Insurance Brokers Holdings Limited has sold its minority investment in Vendcrown Limited to MBNA Europe Bank Limited for £32 million in cash. The sale is the realisation of a profitable minority investment for HSBC.
All of the existing shareholders in Vendcrown Limited, including Electra Partners, have also sold their stakes to MBNA Europe Bank Limited. Vendcrown Limited is the parent company of Premium Credit Limited, the UK’s leading provider of installment finance facilities to cover the cost of insurance premiums for the insured.
