Bank of America 2005 Annual Report Download - page 23
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22 Bank of America 2005
How We Grow: Recognizing Opportunities
n a move that makes Bank of America the industry leader in credit cards by adding
20 million customer accounts, we acquired MBNA in 2006. The acquisition brings us
expertise in affi nity marketing and electronic transaction processing and provides new
opportunities to cross-sell Bank of America products and services to MBNA customers
as well as to sell MBNA products in our banking centers.
MBNA, formed in 1982, has an attractive customer base built on affi nity programs and
Becoming the leader in payments
MBNA acquisition brings new expertise, products and value
I
through multichannel direct marketing. MBNA has a history
of customer focus, having been the fi rst credit card issuer
to offer 24-hour service. To this we add our leading online
banking capabilities, dominant distribution channels and
effi cient lending processes.
The MBNA acquisition makes Bank of America the
largest credit card issuer in the United States as mea-
sured by balances—offering the bank unique competitive
advantages. Along with the ability to drive revenue growth
through the new customer accounts, we now have affi nity
relationships with more than 5,000 partner organizations,
including such famous sports organizations as the National
Football League and NASCAR.
Bank of America can deliver innovative deposit, lending
and investment products and services to MBNA customers
and offer MBNA products to our customers. We also have
access to a broader selection of loan portfolios that can be
bundled for sale to our investment banking clients.
The combined business will have in excess of 40 million
active credit card accounts in the United States and nearly
$143 billion in managed balances—more than 20 percent of the
market. We are also the leader in debit card transactions, with
a 16 percent market share. In addition, the acquisition provides
us with a credit card offering in Canada, the United Kingdom,
Spain and Ireland, representing an established international
business with more than $27 billion in loans.
Bruce L. Hammonds, president, Bank of America
Card Services (far right) with John A. Mitas III, M.D.,
chief operating offi cer of the American College of
Physicians (ACP). With the acquisition of MBNA,
Bank of America now has more than 5,000 affi nity
relationships with organizations such as the ACP.