UK: Morgan Stanley Acquires Goldfish from Lloyds TSB

The acquisition of Goldfish will significantly build on Morgan Stanley's existing UK credit card business, which has successfully grown to over 1.5 million accounts. The Goldfish brand adds a further 800,000 accounts to the Morgan Stanley base, an increase of 47%. Receivables will increase by £0.8 billion from approximately £1.5 billion to £2.3 billion. The acquisition will also include Goldfish's Glasgow Operations Centre staff and premises. Morgan Stanley currently has over 700 employees in its UK credit card operation.

Sir David Walker, Chairman of Morgan Stanley International, commented: "This acquisition is consistent with Morgan Stanley's stated strategy of growing our international business by taking opportunities for bolt-on acquisitions and further underscores our increasing resource commitment to the UK and Europe."

Charlotte Hogg, Managing Director of Morgan Stanley's UK credit card business, added: "We are very pleased to be acquiring Goldfish. The acquisition will give Morgan Stanley the opportunity to invest in the Goldfish brand and strengthen its foothold in the credit card market, while continuing to grow in the rewards space. Through this transaction we will be reaffirming our commitment to employment in Scotland, and look forward to welcoming Goldfish employees to Morgan Stanley."

Morgan Stanley has selected the Goldfish brand as one that is a great fit for the company and its products. The Goldfish brand complements the existing card portfolio and adds a new arm to the credit card business.