Bank of America has signed a definitive agreement to buy MBNA, the No. 1 independent global credit-card lender, for $35 billion, MarketWatch has just reported.

The Charlotte, N.C., bank, the second-largest bank in the U.S., is acquiring MBNA, of Wilmington, Del., for $27.50 a share of cash and stock.

With MBNA shares closing at $21.07 yesterday, BoA is paying a 31% premium for MBNA.

The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.