Bank of America is on track to complete the sale of its consumer credit card business in the United Kingdom, MBNA Ltd, to Lloyds Banking Group on June 1, "sooner than previously communicated," BoA said. The UK consumer credit card portfolio had approximately US$9.4 billion in credit card receivables and earned $211 million in interest income in the first quarter of 2017. BoA will make a minimal after-tax gain, with the main impacts on the income statement expected to be a reduction in net interest income, offset in part by a reduction in non-interest expense. NYSE-listed payment technology vendor First Data is to acquire payment processor CardConnect for US$750 million in cash, reports Finextra. CardConnect - which processes approximately US$26 billion of volume annually from about 67,000 merchant customers - went public last year when it was acquired by FinTech Acquisition Corporation. The company posted revenues of US$589 million last year but turned in a loss of $16 million. The US$15 per share deal marks First Data's largest takeover since flotation in 2015, Finextra observed.