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Friday, July 01, 2005

¡Al mejor postor! Versión 3.0

Lo típico, gran creación de valor. ¿Pero estarán realmente contentos los accionistas de Bank of America pagando un premio de 20% por MBNA? Quizás valga la pena comprar acciones de Capital One

FT.com: Bank of America:

"So why pay $35bn to buy MBNA? The usual suspects are advanced to justify the deal, and they are real enough. As part of BofA, MBNA should have a lower cost of funds. The company put this at $100m in 2007, but that looks conservative, given the likely 150 basis point differential in their respective cost of deposits.

Furthermore, although BofA's track record on cross-selling is strong, it will eventually outgrow the available pool of high-credit branch customers. MBNA brings enviable customers as well as marketing skills.

But are they each worth as much as this deal suggests? The acquisition is expensive, at a premium to receivables of over 20 per cent. This at a time when overall growth in the credit card market is disappointing. Some of this may be cyclical. A housing boom has meant some consumers preferring home equity loans to large credit card balances. But the sluggishness of the market is also down to its maturity - a fact that consumers have cottoned on to as they wait for the next zero per cent teaser offer. Sometimes, organic growth can be just as exciting. "