June 1, 2007:  Bank of America Corp.'s MBNA Canada Bank has agreed to buy CU Electronic Transaction Services (CUETS), the largest MasterCard credit-card issuer for credit unions in Canada.

CUETS is jointly owned by Credit Union Central of Saskatchewan and Credit Union Central Alberta.  The agreement is subject to regulatory approval.

In January 2006, Charlotte-based BofA bought MBNA Corp., the Delaware-based credit-card giant, for $35 billion.  The purchase made BofA the largest card issuer in the United States, until Chase took over the lead with a fourth quarter surge in accounts.

MBNA Canada Bank provides co-branded and affinity credit-card programs in Canada.  The company's credit cards and related products and services are endorsed by nearly 500 Canadian organizations.  The bank, established in 1997, has more than 1,550 employees.

The CUETS purchase gives BofA greater diversity in their card portfolio which may contributed to greater long-term profitability.