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Article: BANK OF AMERICA GETS MBNA $35B DEAL TO CREATE BIGGEST CREDIT CARD ISSUER IN US
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- July 1, 2005
- Author:
CopyrightCopyright 2005 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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Bank of America Corp., still digesting its $48 billion acquisition
of FleetBoston Financial Corp., sent a clear signal yesterday that it
intends to keep growing bigger, as it struck a $35 billion deal with
MBNA that would make it the nation's largest credit card issuer.
The whirlwind deal which took just a week to negotiate from start
to finish gives Bank of America 20 percent market share in US credit
cards. It marks the second big deal for Bank of America in two weeks,
coming on the heels of the bank's decision to take a 9 percent stake
in China Construction Bank, one of China's biggest lenders.
"With the customer base and distribution of Bank of America and
the marketing savvy and ...