Bank of America Corp.'s MBNA Canada said it has agreed to buy CU Electronic Transaction Services, Canada's largest issuer of MasterCard credit cards for credit unions.
MBNA Canada said that the acquisition would cement its position as Canada's leading provider of affinity and co-branded consumer lending products and the second-largest MasterCard issuer in Canada by loans outstanding.
It did not say how much it would pay for CU Electronic, which is jointly owned by Credit Union Central of Saskatchewan and Credit Union Central Alberta Ltd.
The deal, announced Thursday, needs regulatory approval.
