The MBNA Corporation was an American bank holding company headquartered in Wilmington, Delaware. She was the world's largest independent credit card issuer, specializing in affinity marketing. The name MBNA is derived from " Maryland Bank National Association," but is now no longer abbreviation. The main part of MBNA is the " MBNA America Bank ." The slogan of the MBNA was "If you're into it, we're into it. ". On 30 June 2005 MBNA announced that it will be bought by Bank of America for stock and cash worth more than 35 billion USD. It was expected that the contracts will be signed in the fourth quarter of 2005.
MBNA was founded in 1982 by a group executive of the Maryland National Bank, led by Charles M. Cawley. Until his death, the owner of the football team Cleveland Browns, Al Lerner, CEO of the company was. The first branch of the MBNA was in Ogletown. When the MBNA moved to Delaware, she taught her first office in a converted A & P supermarket one.
The company, which operates in the United States, Canada, Ireland, Spain and the United Kingdom, also offers retail deposits, consumer loans and insurance. With more than 28,000 employees around the globe MBNA currently manages more than $ 100 billion in outstanding consumer loans.
MBNA supported the Republican Party and the campaign of George W. Bush. A total of 80 % of political donations from the company go through their employees and their political action committee to Republicans. This political orientation has triggered a boycott of the company at political opponents of the Republicans. MBNA was also accused of operating plated usury. This accusation caused an increase in interest rates by MBNA.
MBNA was named in 2004 by Working Mothers magazine as one of the 100 best companies for working mothers.