VIRGIN Money plans to launch its own credit card business after buying £1 billion of assets from long-time partner MBNA.

The acquired credit card book will transfer to Virgin Money's own operations in early 2014.

David Buxton will head the cards business, while former MBNA vice-chairman Lance Weaver joins Virgin Money as president of its cards division.

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Jayne-Anne Gadhia, chief executive at Virgin Money, which has a major presence in Edinburgh, said: "A credit card business will complement our existing mortgages and savings business."