NEW YORK — Merrill Lynch today announced a strategic partnership with MBNA America Bank N.A., the largest independent credit card lender in the world, to develop, market and service a full line of unsecured credit cards for Merrill Lynch clients. Merrill Lynch products and services will also be marketed to MBNA customers.
Specific terms of the partnership were not disclosed. A formal launch of the Merrill Lynch branded credit cards is expected in the first quarter of 2004.
"We aspire to meet all of our clients' financial needs, and just as we offer diverse products such as mortgages, annuities and a debit card, the addition of a credit card will be attractive to a great many of our clients. This is an important opportunity for both Merrill Lynch and MBNA, and another step in our commitment to deliver 'Total Merrill,'" said James P. Gorman, president of Merrill Lynch's Global Private Client Group.
"We are excited about our strategic partnership with Merrill Lynch, the industry leader in wealth management," said Bruce L. Hammonds, chairman and chief executive officer of MBNA America Bank. "Our firms have a similar approach — success through a single-minded commitment to providing superior service."
In January 2003, Merrill Lynch launched its comprehensive financial management platform, Total MerrillSM. An unsecured credit card offering is a natural extension of the personalized credit and lending capabilities already in place and underscores the firm's commitment to offering clients all of the typical features of a checking and savings account through its Beyond Banking® relationship.
Additionally, the partnership with MBNA underscores the firm's dedication to diversifying and expanding Global Private Client's business strategy of deepening client relationships and moving away from investment-only-based offerings.
"Over the past years, we have experienced a dramatic shift in our business," Mr. Gorman said. "We have a far more diversified revenue stream and offer clients an increasing number of services beyond traditional investment securities. From innovative mortgages to insurance to personal and business credit options, Merrill Lynch continues to lead the industry."
About MBNA
MBNA Corporation, a bank holding company and parent of MBNA America Bank, N.A., a national bank, is the largest independent credit card lender in the world. MBNA also provides retail deposit, consumer loan, and insurance products. MBNA.com (www.MBNA.com) provides credit card, consumer loan, retail deposit, travel and shopping services.
About Merrill Lynch
Merrill Lynch is one of the world's leading financial management and advisory companies, with offices in 36 countries and total client assets of approximately $1.4 trillion. As an investment bank, it is a leading global underwriter of debt and equity securities and strategic advisor to corporations, governments, institutions and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world's largest managers of financial assets, with assets under management of $471 billion. For more information on Merrill Lynch, please visit www.ml.com.
