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Tuesday, January 3, 2006
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.
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This page is archived, and is no longer publicly editable.
Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.
Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.
Note that some listed sources or external links may no longer be available online due to age.
