MBNA Reels In A Big Fish

Register now

WILMINGTON, Del. - (11/02/04) -- Credit card giant MBNA Corp., whichhas been buying up credit union card portfolios, said Monday it hasagreed to acquire the $550 million card portfolio and 390,000accounts of AmSouth Bancorp, in one of the biggest cards dealsever. As part of the deal, AmSouth has entered into an agent bankagreement. AmSouth said it expects to report a pre-tax net gain of$10 million on the sale.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER