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.

Processing Content

For reprint and licensing requests for this article, click here.

MORE FROM AMERICAN BANKER

Politics and policy

Housing bill passes House with community bank riders

A housing bill that already passed the Senate cleared the House Monday evening, but included bipartisan community banking provisions that have already raised objections in the upper chamber.

By Claire Williams

February 9
Banking

15 most recent bank failures

Fifteen banks have failed since November 2019, with the most recent one occurring on Jan. 30.

By Editorial Staff

February 9
Regulation and compliance

CFPB blocks GAO investigators in layoff report

The Government Accountability Office was tasked with investigating the Consumer Financial Protection Bureau's stop-work order, but CFPB officials refused to meet with or provide information to Congress' investigative arm.

By Kate Berry

February 9
Federal Reserve

Fed's Waller: 'Everyone is yelling at me' on skinny accounts

Federal Reserve Gov. Christopher Waller said comments from banks and fintech firms reveal sharply different priorities in the creation of the central bank's proposed "skinny" master accounts.

By Maria Volkova

February 9
Fraud

Georgia woman sentenced for $1.5 million bank fraud scheme

Check fraud has risen 385% since the pandemic, with criminals using stolen mail and digital tools to deceive major financial institutions.

By Carter Pape

February 9
Corporate governance

KeyCorp, Eastern get relief as activist investor backs down

The activist investor HoldCo Asset Management said Monday that it doesn't plan to pursue proxy battles this spring at either Key or Eastern. It had been agitating publicly over the banks' M&A strategies.

By Allissa Kline

February 9