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Wachovia & MBNA Split, Wachovia to Re-Enter Credit Card Issuing

by Peter Andrew

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Wachovia

& MBNA Split, Wachovia to Re-Enter Credit Card Issuing

With MBNA

poised to merge with Bank of America, Wachovia announced Thursday

its intention to end its partnership with MBNA and begin issuing

credit cards directly to its customers.

Wachovia

will begin directly issuing credit cards this coming January,

although its relationship with MBNA will not come to a formal

end until October of next year.

MBNA

shareholders approved the Bank of America acquisition today.

Assuming the merger with Bank of America is consummated, MBNA

will pay a $100 million termination fee to Wachovia to end their

joint-marketing agreement. That money will offset what Wachovia

will spend to become a direct issuer again.

MBNA

will continue to service existing Wachovia-branded credit card

customers.

 

Published 11/03/05 (Modified 01/21/13)


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