BofA Completes MBNA Deal

January 03, 2006, 1:00 a.m. EST 1 Min Read

CHARLOTTE, N.C. - (01/03/06) Bank of America announcedMonday it completed the acquisition of credit card giant MBNACorp., in a $34 billion deal. The deal comes just after BofAannounced it has agreed to issue American Express cards through itsdistribution network of more than 5,800 banking offices, posing newcompetition to card giants Visa and MasterCard. BofA also said thatMBNA, manager of more than 100 credit union portfolios willcontinue issuing AmEx cards as a new subsidiary of the bankinggiant. Last Janurary, MBNA became the first financial institutionin the U.S. to sign a network partnership with AmEx.

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