Bank of America To Purchase Major CardIssuer, MBNA

NEW YORK - (07/01/05) Bank of America is poised to become theNo. 1 issuer of credit cards in the U.S. following its $35-billionbid for MBNA Corp. Over the past two years, MBNA also has acquireda number of credit union credit card portfolios. In making theacquisition, BofA said the deal will create the “top retailerof financial services with the size and scale to drive distributionand marketing efficiencies." BofA estimated approximately 6,000people will lose their jobs as part of the deal.