Centrica and Household International have reached an agreement whereby Centrica will acquire HFC Bank’s entire rights and interest in the Goldfish credit card.
Under the terms of the settlement, HFC will receive a consideration of £85m (net) in excess of the nominal value of the receivables of approximately £650m. Centrica’s investment to acquire these interests will be amortised in line with current practice for similar transactions.
HFC and Centrica will work together to achieve an orderly transfer of HFC’s interest in the Goldfish credit card, including the receivables.
Both parties have agreed that customers will experience no disruption to service while the transfer process occurs.