THE search is on to find a buyer for MBNA in Chester after owner Bank of America announced it was pulling the plug on its UK and Ireland credit card business.

The shock announcement was made to the 3,500-strong workforce at Chester Business Park on Monday, leaving many fearful for their jobs.

The restructure means the bank will no longer be promoting credit cards outside the US.

Bank bosses say their preferred option is for the Chester-based European card services to be sold as a ‘going concern’ – with closure of the business a last resort.

However, Alyn and Deeside Labour MP Mark Tami, who represents many Welsh members of the workforce, raised concerns a new company won’t necessarily show commitment to Chester.

He said: “The concern that is clearly there is that if it’s perhaps another credit card company [that buys it] then they would look to take on the book but perhaps not all the workforce.”

Chester’s Conservative MP Stephen Mosley struck a more upbeat tone. He said: “Both MBNA and Bank of America have been excellent employers in Chester and whilst the announcement will undoubtedly cause concern for many employees on the Business Park, I'm sure that whoever buys the UK and European credit card businesses will find Chester an excellent place to do business.”

There are also fears for the many community ventures sponsored by MBNA including Chester FC and the Chestival summer arts programme, with concerns about where future funding will come from.

Pat Cluskey, chief executive of Chester FC, said MBNA was probably the biggest sponsor of the club whose brand name features on the players’ shirts and advertising hoards at the Exacta Stadium.

There is a five-year contract in place but it is subject to periodic review. However, Mr Cluskey is unconcerned for the future and does not anticipate any issues this season.

He said: “We hope whoever buys the business will want to support the community football club because it is a community club, it’s not just a commercial venture, there’s a huge community element to it. ”

Bank spokesman John McIvor stressed it was ‘still early in the process’ and would not be drawn on a possible time frame for any changes.

Meanwhile, Virgin Money held out the possibility it might acquire Bank of America’s UK credit card business.

Potential bidders could include Sir Richard Branson’s company – which is also bidding for Northern Rock – and Spanish-owned Santander, and wants to grow its UK business.

Asked whether Virgin Money would consider buying Bank of America’s credit card business, a spokesman said: “We are long-term partners with Bank of America. Our credit cards are issued by MBNA.

“No doubt we will be involved in the process as it goes forward.”

A spokesman for Santander in Madrid said the company would not comment on market speculation that it might also bid for MBNA.

Jonathan MacDonald, a London-based analyst at Datamonitor, said he believed the business would be sold rather than wound down.

He said: “It’s a fairly healthy business. It’s ripe for a sale. Who picks it up is anybody’s guess right now. But I doubt it will be wound down – it’s quite a big operation.”