Banc One's agreement with First USA has turned many assumptions about the banking acquisitions and credit card markets on their head.

"For a long time you saw banks spinning off their credit card subsidiaries," said John Duffy, director of corporate finance at Keefe, Bruyette & Woods Inc. "Now you're seeing them trying to get back the customers they lost. Who has that market share? The credit card specialists."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.