Bank of America Overtakes HSBC in Card Market
No. 3 bank to buy MBNA, creating the nation’s largest credit card issuer; 6,000 jobs to be cut. “BofA leaves HSBC lagging behind, while making HSBC’s buyout of Household International a poorer business decision than originally thought” said advocacy group Household - HSBC Watch.
NEW YORK (CNN/Money) - Bank of America, betting that financial “supermarkets” are the future despite recent skepticism, announced Thursday that it will buy credit card giant MBNA Corp. for $35 billion. The cash-and-stock deal would make Bank of America, already the nation’s third-biggest bank, also the largest credit card issuer in the country. The Charlotte, N.C.-based financial services giant now ranks fourth in the card business.
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