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In 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 affinity 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 affinity programs and
through multichannel direct marketing. MBNA has a history of customer focus, having been the first credit card issuer to offer 24-hour service. To this we add our leading online banking capabilities, dominant distribution channels and efficient lending processes.
The MBNA acquisition makes Bank of America the largest credit card issuer in the United States as measured by balances—offering the bank unique competitive advantages. Along with the ability to drive revenue growth through the new customer accounts, we now have affinity 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.
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Bruce L. Hammonds, president, Bank of America Card Services (far right) with John A. Mitas III, M.D., chief operating officer of the American College of Physicians (ACP). With the acquisition of MBNA, Bank of America now has more than 5,000 affinity relationships with organizations such as the ACP.
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. 
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