Wachovia to Retry Credit Cards as BofA/MBNA Deal Gets OK

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00029087-wachovia-to-retry-credit-cards-as-bofambn/

Wachovia Corp. said on Thursday it was reentering the credit card business after shareholders of MBNA Corp., the largest independent U.S. credit-card lender, overwhelmingly approved a takeover offer from Bank of America Corp.

Wachovia, the No. 4 U.S. bank and BofA’s arch-rival in markets all along the eastern U.S. seaboard, responded to news of the shareholder vote by terminating its five-year-old joint credit-card marketing agreement with MBNA. Wachovia said it would start issuing credit cards on its own again early next year — and that BofA, the No. 2 U.S. bank, would help pick up the tab for getting the business restarted.

For this complete story, please visit Wachovia to Retry Credit Cards as BofA/MBNA Deal Gets OK.

Wachovia to Retry Credit Cards as BofA/MBNA Deal Gets OK

Unknown Author

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