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Wachovia, MBNA end credit-card partnership

November 3, 2005

Philadelphia Business Journal:Wachovia Corp. is expected to re-enter the credit-card market as a direct issuer beginning in January. The timing of the announcement coincides with Wachovia's decision to terminate its existing joint marketing agreement with MBNA Corp., which had been issuing credit cards on behalf of Wachovia. After an initial transition period, Wachovia and its credit-card customers will operate independently.

"This also offers us a great opportunity to gain synergies with our debit and ATM card businesses and ensure we are providing the best service to our customers and the best return for our shareholders," said Ben Jenkins, president of Wachovia's general bank division. "

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