Consumer Group to Fight Bank of America/MBNA Merger

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00001489-consumer-group-to-fight-bank-of-americamb/

By Jonathan Stempel, Reuters

A U.S. consumer group which has taken some credit for thwarting Citigroup Inc.’s merger ambitions on Monday said it opposes Bank of America Corp.’s purchase of MBNA Corp. because it might raise prices and reduce consumer privacy.

Inner City Press is asking the Federal Reserve for public hearings on the $35 billion acquisition.

In March, the Fed cited comments by the group, which is based in New York’s borough of the Bronx and has faulted various practices at several lenders, when it ordered Citigroup to delay big takeovers until it had tightened internal controls and addressed regulatory problems.

For this complete story, please visit http://today.reuters.com/business/newsArticle.aspx?type=bankingFinancial&storyID=nN11484942.

Consumer Group to Fight Bank of America/MBNA Merger

Unknown Author

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