IRELAND’S ONE DIRECT TO MOVE INTO CREDIT CARD BUSINESS

One Direct, the Dublin-based direct insurer owned by the Irish post office An Post, has confirmed plans to launch a credit card partnership with MBNA, the US credit card provider which entered the Irish market two years ago. A new product is expected to be formally unveiled over the next two months. One Direct began business in 1998 and initially focused on motor and home insurance. Policies, which are underwritten by locally based Hibernian Insurance, are marketed and sold through An Post's countrywide post office network. The alliance with MBNA is believed to form part of An Post’s plans to develop One Direct into a full-range financial services adviser, a move that could see it entering the personal loan market.