MBNA has sold off its Irish credit card business, saving 250 jobs in Co Leitrim.

The division was bought by US based firm Apollo Global Management.

The move comes several months after Bank of America announced its intention to leave the Irish and UK credit card sector.

Bank of America Europe Card Services employs 650 at its Carrick-on-Shannon base. The remaining staff work on the UK business, which is to remain at the Carrick-on-Shannon facility.

The Minister for Jobs, Enterprise and Innovation Richard Bruton welcomed the news.

“Bank of America is a massive employer and a huge contributor to the economy in Carrick-on-Shannon and the North-West, and last August’s announcement was a major shock to the region,” he said.

“Today’s announcement secures the 250 jobs employed in the Irish operation, and provides good news for the 400 people employed on the UK business. I will continue to ensure that everything possible is done to secure all jobs in the Carrick-on-Shannon operation for the long-term”.