Tuesday 3rd October 2006
Bank of America Corp (BAC), which bought credit card provider MBNA earlier this year, has renewed an agreement to continue selling Visa products until 2011.
The bank is the second-largest in America by assets, but issues more Visa-based credit cards than any of its competitors.
Bruce Hammonds, BAC card services president, said: "Continuing our relationship with Visa helps us live up to our ongoing commitment to deliver innovative products and the very best service to our cardholders."
More than 510 million Visa cards have been issued in the US, with BAC operating nearly 17,000 ATMs. The two companies intend to build on their 30-year partnership to create new products and services.
"Together, Visa and Bank of America have driven the migration to electronic payments," said Visa president John Philip Coghlan.
"We are excited to build upon that foundation and redefine the bank-customer experience," he added.
Financial details were not released for the collaboration, which is retroactive to January 1st 2006 and ends on December 31st 2011.
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