MBNA Takes Next Step Into CUMarket
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.