Summary
CHARLOTTE, N.C. -- In a bold move that reinforces Bank of America Corp.'s dominance of consumer banking in the United States, the nation's third-largest bank said Thursday it will buy credit-card leader MBNA Corp. in a deal worth $35 billion in stock and cash.
The acquisition reshapes the landscape for banks that issue credit cards -- including many of Bank of America's top rivals -- and transforms the Charlotte-based bank into one of the world's largest holders of consumer debt.See the full content of this document
Extract
Bank of America 'Leaps'
"For years, I have been impressed with the sales capabilities of MBNA," Bank of America Chairman and CEO Ken Lewis told industry analysts after the deal was announced. "I see them as a selling machine. . . ....
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