Bank of America to Buy MBNA for $35 billion

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

Written by: Unknown Author –

http://www.insidearm.com/news/00011642-bank-of-america-to-buy-mbna-for-35-billio/

By Jonathan Stempel, Reuters

Bank of America Corp. on Thursday said it agreed to buy MBNA Corp., the biggest independent credit card lender, for $35 billion, making the No. 2 U.S. bank one of the world’s largest card issuers.

The stock-and-cash transaction, which offers a premium of 30.6 percent for MBNA, will more than double Bank of America’s card base to 40 million and give it $143 billion in card balances. It makes Bank of America the leading rival in credit cards to Citigroup Inc. and JPMorgan Chase & Co., and bigger than American Express Co.

Bank of America said the purchase makes it the world’s largest issuer of Visa and MasterCard credit, debit and prepaid cards.

For this complete story, please visit Bank of America to Buy MBNA for $35 billion.

Bank of America to Buy MBNA for $35 billion

Unknown Author

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