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Bank of America takes over MBNA
0 Comments | AFP, January, 2006
WASHINGTON (AFP) — Bank of America has formally taken over MBNA Corporation, sealing a mammoth 34-billion-dollar banking acquisition and creating the largest credit card issuer in the United States measured by balances.
The Charlotte, North Carolina-based Bank of America said as a result of the takeover, which took effect Sunday, that it now has 40 million active credit card accounts on its books and nearly 140 billon dollars in managed balances.
"Today (Sunday) marks the start of an exciting new era for Bank of America in credit cards," Kenneth Lewis, Bank of America chairman and chief executive officer, said in a statement.
"The combination of Bank of America's distribution platform and customer base with MBNA's products, affinity relationships and...
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