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June 30, 2005
One step closer to monopoly
Bank of America today announced it agreed to buy MBNA Corp.
MBNA is the biggest independent credit card lender (the other is Chase's credit card division, which it purchased from BankOne, which previously merged with First USA).
After this merger, Chase and Bank of America will be the creditors for almost every MasterCard and VISA issued in the U.S. (Your Starbucks VISA or that MasterCard your bank issued to you is almost certainly underwritten by one of these mammoths).
Stay tuned for tomorrow's headline:
Big Commercial Bank to Buy All Other Remaining Commercial Banks
The new entity will be known as "MonolithicUSA The No. 1 (and only!) U.S. national bank"
Posted by MJuhre at June 30, 2005 11:52 AM