Bank of America Buys MBNA
January 2, 2006
Bank of America yesterday became the US’s biggest credit card issuer after completing its purchase of MBNA. Bank of America paid $34.2bn for MBNA, whose credit card partnerships include the British providers Abbey and Alliance & Leicester. The MBNA deal enabled Bank of America to leapfrog American Express to the number one spot in the US ” it now has $140bn in outstanding credit card balances.