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Personal finance observation, musing and decisions in a journey toward financial independence by 36 with at least $1 million.

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Bank of America to Acquire MBNA





After Providian and MBNA, is CapitalOne up for sale?

From Wall Street Journal:

Bank of America Corp. agreed to acquire MBNA Corp. for $35 billion in cash and stock, making an aggressive bet that its sprawling branch network in the U.S. can trigger a resurgence of the credit-card business.

The deal would catapult expansion-hungry Bank of America, based in Charlotte, N.C., and the second-largest U.S. bank in market value and assets behind Citigroup Inc., into the largest general-purpose card issuer in the U.S. Bank of America, fifth in market share in that business as of Dec. 31, could wind up with a market share of about 20%, according to the Nilson Report, a credit-card newsletter in Carpinteria, Calif.

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