WILMINGTON, Del. - (05/05/05) -- MBNA Corp. said it has closed on itsacquisition of Nexstar Financial Corp., giving the credit cardgiant new entry into the credit union market through Nexstar'spartnership with more than 100 credit unions. St. Louis-basedNexstar offers an integrated call center and web-based mortgageloan program for credit unions, called CUMACsm. The deal will allowMBNA to offer private label co-branded home-equity loans throughits more than 5,000 affinity partners. MBNA, the nation's largestcredit card bank, recently began offering co-branded credit cardsto credit unions and expects to have as many as 80 credit unionpartners by mid-year.
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Judge Mark T. Pittman sided with the Consumer Financial Protection Bureau in ordering the case be moved from Texas to the District of Columbia due to "forum shopping."
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Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
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The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
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Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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