Bank of America Corp. announced that its $34.2 billion acquisition of MBNA Corp. has been completed. "Today marks the start of an exciting new era for Bank of America in credit cards," said Kenneth D. Lewis, chairman and CEO.
"The combination of Bank of America's distribution platform and customer base with MBNA's products, affinity relationships and marketing expertise creates significant opportunities for our combined company," he said.
MBNA's former chief executive, Bruce Hammonds, will head the new credit card division.
