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Friday, July 01, 2005

¡Al mejor postor! 3.0

Los accionistas de MBNA deben estar eufóricos...

Bank of America to Buy MBNA for $35 Billion - New York Times:

"MBNA's shares surged today, climbing $5.29, or 25.1 percent, to $26.36 around midday on the New York Stock Exchange. Bank of America's shares fell $1.03, or 2.2 percent, to $45.88.

The merger comes at a time when the credit card industry is rapidly consolidating. Already, the 10 largest issuers control about 85 percent of the market, according to The Nilson Report, a credit card industry newsletter. With Bank of America surpassing Citigroup as the country's largest card issuer, this deal could change the industry's landscape even more.

'Today's announcement is not only about the creation of one of the world's largest card providers - that is compelling in and of itself,' Mr. Lewis said in a statement. 'But it's really a much larger story about two companies with complementary strengths. The result will be the country's top retailer of financial services with the size and scale to drive distribution and marketing efficiencies.'
The size of the deal raises questions about the future of the stand-alone credit card companies, which have found it increasingly difficult to compete against with huge full-service banks on their own.

In early June, Washington Mutual, a big West Coast banking company, reached a deal to buy Providian Financial, a leading credit card issuer, in a $6.45 billion deal. Morgan Stanley has announced plans to spin off its Discover Financial business. And in March, Capital One, one of the nation's biggest credit card companies, greed to buy the Hibernia Corporation, a regional banking company based in New Orleans, for $5.35 billion.

Some analysts now suggest that Capital One itself, and potentially American Express, could be next on the auction block."