Bank of America completes acquisition of MBNA
{{date|January  3, 2006}}

[[w:Bank of America|Bank of America Corp.]] has completed its acquisition of [[w:MBNA|MBNA Corp.]] in a deal worth about $34.2 billion.  Bank of America now has 40 million active [[w:credit card|credit card]] accounts.  MBNA was a leader in [[w:affinity marketing|affinity marketing]] with relationships with organizations like the [[w:NFL|NFL]] and [[w:L.L. Bean|L.L. Bean]].  Shareholders of MBNA will receive .5009 common shares of Bank of America plus $4.125 in cash for each share.  MBNA had 24,700 employees prior to the deal, Bank of America had over 177,000. 6,000 of those jobs will be eliminated saving the bank $850 million by 2007.  Bank of America is the world's second largest bank.

== Sources ==

*{{source|url=http://abcnews.go.com/Business/wireStory?id=1461920
|title=Bank of America Closes on Deal for MBNA
|author=Natalie Gott
|pub=ABC News (ap)
|date=January 2, 2006}}
*{{source|url=http://www.forbes.com/markets/feeds/afx/2006/01/02/afx2423671.html
|title=Bank of America completes acquisition of MBNA
|author=
|pub=Forbes (afx)
|date=January 2, 2006}}

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[[Category:Economy and business]]
[[Category:United States]]
Bank of America Corp. has completed its acquisition of MBNA Corp. in a deal worth about $34.2 billion.  Bank of America now has 40 million active credit card accounts.  MBNA was a leader in affinity marketing with relationships with organizations like the NFL and L.L. Bean.  Shareholders of MBNA will receive .5009 common shares of Bank of America plus $4.125 in cash for each share.  MBNA had 24,700 employees prior to the deal, Bank of America had over 177,000. 6,000 of those jobs will be eliminated saving the bank $850 million by 2007.  Bank of America is the world's second largest bank.
Economy and business United States