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Credit Card Consolidation: Bank of America To Buy MBNA
- Article from:
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The Washington Post
- Article date:
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July 1, 2005
- Author:
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Copyright informationCopyright 2005 The Washington Post. This material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Bank of America Corp. agreed to buy credit card powerhouse MBNA
Corp. for about $35 billion in stock and cash, dramatically
accelerating consolidation in the credit card business and increasing
the banking giant's focus on consumers rather than corporations.
The deal would vault Bank of America, the nation's second-largest
bank in terms of assets, to the top of the credit card industry,
giving it a 20.2 percent share of the market, slightly ahead of
rivals J.P. Morgan Chase & Co. and Citigroup Inc. With the deal, the
top five credit card companies would control more than 72 percent of
the market -- raising concerns among some consumer groups, which
fear concentration means higher interest ...
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