Delaware's banking commissioner today approved the proposed $35 billion acquisition of MBNA Corp. by Bank of America Corp., moving the buyout of the world's largest independent credit card issuer one step closer to completion.
CHARLOTTE, N.C. — Delaware’s banking commissioner today approved the proposed $35 billion acquisition of MBNA Corp. by Bank of America Corp., moving the buyout of the world’s largest independent credit card issuer one step closer to completion.
The approval of Delaware Banking Commissioner Robert Glen was required because MBNA is based in Wilmington, Del. Bank of America has its headquarters in Charlotte but is incorporated in Delaware.
Consumer advocates from Delaware, North Carolina and California had asked Glen to reject the deal or impose consumer-friendly conditions on the combined company. In his order approving the merger, Glen said concerns about the companies’ lending and community reinvestment practices should be directed to the Federal Reserve Board as the deal’s primary regulator.
The deal still must be approved by the Federal Reserve and MBNA shareholders at a meeting set for Nov. 3.
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“We are confident that we will receive all the necessary regulatory approvals,” Bank of America spokeswoman Alex Liftman said today. “We anticipate closing around the first of the year.”