SunTrust Prepares to Dump MBNA/Bank of America as Its Credit Card Issuer
By Justin McHenry
Atlanta-based SunTrust Banks will begin issuing credit cards to its customers through a partnership with First National of Nebraska’s InfiCorp Holdings unit beginning early next year, when its current agreement with MBNA runs out. Like Wachovia before it, SunTrust seems to prefer not having a rival issue its credit cards—a situation that occurred this year after Bank of America completed its acquisition of MBNA.
SunTrust agreement with MBNA, under which MBNA purchased SunTrust’s consumer credit card portfolio and marketed personal card products and services to the bank’s customers, began in 1999 and ends in January.