Bank of America’s acquisition of Fleet Boston and card giant MBNA in 2005 signaled a significant emergence within the consumer banking industry. The New York Times reported in July of 2005 that the move not only won the company a combined 122 million in consumer cardholder accounts but, more importantly, launched Bank of America in front of competitors Citigroup and J.P. Morgan Chase to become the largest credit issuer within the US. With a twenty percent share of the market share, Bank of America replaced the company Audible on the S&P Top of Ten Portfolio, a move that BusinessWeek in a an August 2007 article attributes to Bank of America’s acquisitions and expanded presence within the consumer banking industry.
This is a great example of how a bank was able to capitalize on an acquisition and expand its presence within a market. This is arguably one of the most significant emergences to happen within the consumer banking industry over the past decade. Bank of America's presence within the industry as made them one of the top banks in the country and has helped to make them one of the most profitable companies worldwide. Though they had a large foot in the door prior to the deal, the acquisitions prioritized the consumer banking industry and allowed them to expand into a broader market.
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