MBNA started as a small regional credit card issuer but became a leading international financial services company providing personal and business lending and deposit account products to millions of people worldwide. On January 22, 1991, MBNA became a public company traded on the New York Stock Exchange under the symbol KRB.
Headquartered in Wilmington, Delaware, MBNA has operations throughout the United States and in Canada, Ireland, Spain, the United Kingdom and Mexico. There is also a representative office in China.
MBNA issues credit cards for more than 5,000 groups including professional associations, colleges and universities, sports teams, and financial institutions. Some of those groups include the NFL, eBay, L.L.Bean, Penn State University, Merrill Lynch, and Charles Schwab. MBNA is the world’s largest independent credit card issuer.
In addition to consumer and business credit cards, MBNA offers home equity financing, insurance premium financing, and professional practice financing. MBNA recently added Nexstar Financial Corporation, a leading mortgage processor. In 2004, MBNA acquired Premium Credit Limited, an insurance premium financing business in the United Kingdom, and Sky Financial Solutions, a professional practice financing business.
MBNA was founded in 1982 by a group of Maryland National Bank executives headed by Charles M. Cawley. The company’s first branch was in Ogletown. When the company relocated to Delaware, its first office was housed in a converted A&P supermarket.
MBNA is not an acronym. The name is derived from Maryland Bank National Association. MBNA was a spin-off from the Maryland Bank National Association.
In January 2006 MBNA was acquired by Bank of America. The merger resulted in MBNA being renamed to Bank of America Card Services, which is still based in Delaware. MBNA was one of the prime movers in lobbying for the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
The Banker, one of the world’s leading financial journals, ranked MBNA as the number 10 bank among US banks in 2005 and number 11 in 2004. The ranking was based on pre-tax profit figures for common stock, non-cumulative preference stock, share premium reserve, disclosed reserves including retaining earnings, minority interests and funds for general banking risk.
With $ 61, 714 million in assets MBNA was ranked 26 in asset size. For Soundness (capital/asset ratio) MBNA ranked 7 in 2005 and 7 in 2004. MBNA pre-tax profits were reported as $ 4,132 million. It ranked 4 for performance based on return on assets.
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