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The planned merger that Wells Fargo & Co. and Wachovia Corp. announced this morning would expand Wells' card presence to the Eastern seaboard and the Southeast, says Megan Bramlette, managing associate with Westbury, NY.-based Auriemma Consulting Group. "Most notably, the purchase gives Wells a bigger footprint," she tells CardLine. "It's a big step in the direction of Wells becoming a national lender; it's a big deal in terms card issuing." Wachovia adds $2.4 billion in credit card loans on a managed basis to Wells' nearly $20 billion, according to PaymentsSource.com, CardLine's sister Web site. According to the site, Wells ranks eighth in terms of managed credit card loans, while Wachovia ranks 22nd. PaymentsSource estimates Wachovia would add 2.5 million cards to Wells' 20.7 million.
