Bank of America Corporation received approval from the Board of Governors of the Federal Reserve System of its application to merge with MBNA Corporation. The merger is expected to close on Jan. 1, 2006. With this action, Bank of America has received approval from all necessary regulatory organizations as well as overwhelming approval from MBNA shareholders.
The merger will create the largest credit card issuer in the United States as measured by balances. The new Bank of America Card Services organization will have more than 40 million active U.S. accounts and nearly $140 billion in managed balances. Bank of America is already the leader in debit card transactions.
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