Science Fair Project Encyclopedia
MBNA Corporation , is a bank holding company, it is the world's largest independent credit card issuer, specializing in affinity marketing . MBNA is derived from Maryland Bank National Association, but is not an acronym, and is headquartered in Wilmington, Delaware. The main part of MBNA is MBNA America Bank.
It was founded in 1982 by a group of Maryland National Bank executives headed by Charles M. Cawley. Until his recent death, Cleveland Browns owner Al Lerner served as Chairman of the Board. Its first branch was in Ogletown. When the company relocated to Delaware, its first office was housed in a converted A&P supermarket.
Employing more than 28,000 people around the world, MBNA currently owns more than $100,000,000,000 in outstanding consumer credit loans and consistently outperforms Wall Street expectations.
MBNA has drawn criticism for its strong financial support of the United States Republican Party. MBNA is the top all-time campaign donor to George W. Bush, and over 80% of the company's political donations (through its employees and its PAC) go to Republican candidates. The company's critics have organized a fledgling boycott of MBNA.
MBNA has also been accused of excessive usury, leveling high interest rates on its creditors.
MBNA was named one of the 100 Best Companies for Working Mothers in 2004 by Working Mothers magazine.
MBNA also stands for Monument Builders of North America
The contents of this article is licensed from www.wikipedia.org under the GNU Free Documentation License. Click here to see the transparent copy and copyright details