Bank of America Buys MBNA
Posted on: Monday, 2 January 2006, 06:00 CST
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.Source: Independent, The; London (UK)
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