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Big acquisition in creditcardsville
Capital One Financial Corp., the biggest independent issuer of Visa and MasterCard credit cards, plans to buy North Fork Bancorp for $14.6 billion. This is Capital One’s second takeover of a bank in a year. Philly.com reports:
The deal comes amid consolidation in the credit-card industry. In the last year, a number of independent card issuers - including Providian Financial Corp., Metris Cos., and MBNA Corp. - have been acquired by major banks. MBNA, of Wilmington, was bought by Bank of America Corp. on Jan. 1.
Read more: Credit-card issuer Capital One plans to buy North Fork
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