Bank of America Corp. has continued its acquisitive ways by agreeing to pay $35 billion for MBNA Corp.[@@]
Bank of America, Charlotte, N.C., once a sturdy regional bank, has turned itself into one of the biggest bank holding companies in the world over the past 20 years through a series of huge acquisitions.
Acquiring MBNA, Wilmington, Del., would make Bank of America one of the biggest credit card lenders in the world. MBNA has about 40 million active card accounts and $143 billion in managed outstanding balances.
MBNA markets a variety of life insurance products and other financial services products to card holders.