Editing MBNA (section)

==Mergers and acquisitions==
On June 30, 2005, MBNA announced that it was being acquired by [[Bank of America]] for stock and cash totaling more than $35 billion, and the deal was closed on January 1, 2006. The acquisition resulted in MBNA being renamed to "Bank of America Card Services" while still based in Delaware. For the first part of 2006, MBNA still issued credit cards under its own name associated with Mastercard, VISA, and American Express, but by the second half of 2006, all credit card products were re-branded as Bank of America rather than MBNA.

At the same time in June 2005, MBNA bought Loans.co.uk (LCUK), then the United Kingdom's leading finance broker. Although figures were never released, various media outlets including newspapers in [[Watford]], where Loans.co.uk was based, reported the deal made founders [[David Cowham]] and [[Steve Hayes (businessman)|Steve Hayes]] worth £100m.<ref>{{cite news|url=https://www.telegraph.co.uk/finance/2952352/Made-it-by-40.html| title= Made it by 40|work=The Daily Telegraph|date=2006-12-13|access-date=2008-12-03|location=London}}</ref> MBNA/Bank of America later decided to close Loans.co.uk.

On January 1, 2006, MBNA merged with and into Bank of America. MBNA America Bank, National Association, (MBNA) then became a wholly owned subsidiary of Bank of America. On June 10, 2006, MBNA changed its name to '''FIA Card Services''', National Association (FIA), which is not an [[acronym]]. On October 20, 2006, Bank of America, National Association (USA), a subsidiary of Bank of America Corporation, merged with and into FIA.<ref>
{{cite web|url=http://biz.yahoo.com/e/061020/8384408-k.html |title=Yahoo! Finance: Form 8-K for FIA CARD SERVICES, NATIONAL ASSOCIATION |access-date=2007-01-12 |url-status=bot: unknown |archive-url=https://web.archive.org/web/20070716133759/http://biz.yahoo.com/e/061020/8384408-k.html |archive-date=July 16, 2007 }}
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This purchase was a reunion of sorts.  In 1993, [[NationsBank]] (formerly NCNB, and originally [[North Carolina National Bank]]) bought MNC Financial (whose credit card division was spun off years earlier to become MBNA).  Five years later, the Bank of America that exists today was the result of the merger between the San Francisco-based Bank of America and the Charlotte-based NationsBank. When Bank of America bought MBNA, it was in effect reuniting MNC Financial's credit card portfolio to its original banking assets and combining the Bank of America credit card portfolio with MBNA's.

Employing more than 25,800 people around the world at the time of the merger with Bank of America, MBNA owned or managed more than $122.5 billion in outstanding consumer credit loans.  Most of this loan debt was held in securitized portfolios that had been sold to other entities such as insurance companies and pension funds.  MBNA virtually invented the process for [[Securitize|securitizing]] credit card debt and this process contributed significantly to the fast growth of the company.  It allowed for increasing the amount loaned without having to acquire matching assets to offset the loans.

In Canada and Europe, the MBNA name was retained. MBNA Europe headquarters is in [[Chester]], England, United Kingdom. MBNA Canada's headquarters is located in [[Ottawa]], Ontario. In 2007, the Canadian division was named one of [[Canada's Top 100 Employers]].<ref>{{cite web|url=http://www.eluta.ca/einfo?en=MBNA+Canada+Bank&ri=468914fb4733032394b387a91f3324f8&rk=f7b45f298ee68cc94a17099df0c14bee|title=Reasons for Selection, 2007 Canada's Top 100 Employers|archive-url=https://archive.today/20130115091616/http://www.eluta.ca/einfo?en=MBNA+Canada+Bank&ri=468914fb4733032394b387a91f3324f8&rk=f7b45f298ee68cc94a17099df0c14bee|archive-date=2013-01-15|url-status=dead}}</ref>

On August 15, 2011, MBNA announced that the [[Toronto-Dominion Bank]] would be purchasing MBNA's Canadian MasterCard portfolio. The acquisition of MBNA Canada by TD, which was completed on December 1, 2011, saw TD become a dual credit issuer (both Visa and MasterCard), become Canada's largest MasterCard issuer, and one of Canada's largest credit issuing banks.

In January 2013, [[Virgin Money UK|Virgin Money]] agreed to buy £1 billion of assets from MBNA, namely the [[Virgin Credit Card]] assets which MBNA had serviced and managed in partnership with Virgin Money since 2002. The former Vice Chairman of MBNA Corporation, Lance Weaver, became Virgin Money's President of Virgin Money Cards.<ref>{{cite web |url=http://uk.virginmoney.com/virgin/news-centre/press-releases/2013/virgin-money-announces-launch-of-own-credit-card-business.jsp |title=Virgin Money announces launch of own credit card business after £1bn deal with MBNA to buy assets |date=2013-01-18 |access-date=2013-01-20}}</ref>

On December 20, 2016, [[Lloyds Banking Group]] announced that it would purchase MBNA's UK portfolio from Bank of America for £1.9 billion, its first acquisition after the [[2008 financial crisis]].<ref>{{Cite news|url=https://www.bbc.com/news/business-38376747|title=Lloyds Bank buys MBNA credit card firm for £1.9bn| date=December 20, 2016|publisher=BBC News }}</ref> The deal was completed on June 1, 2017<ref>{{Cite web|url=http://otp.investis.com/clients/uk/lloyds_banking_group/rns/regulatory-story.aspx?cid=1273&newsid=878699|title=Completion of MBNA Acquisition|date=Jun 1, 2017|website=otp.investis.com|access-date=August 10, 2018}}</ref> and since that time, in the United Kingdom, MBNA is a trading style of Lloyds Bank plc and is regulated in the United Kingdom by the [[Financial Conduct Authority|FCA]].<ref>{{Cite web|title=Regulatory agencies|url=https://www.mbna.co.uk/about-us/regulatory-agencies.html|access-date=2020-07-05|website=mbna|language=en}}</ref>