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Non-Tech : MBNA (KRB)
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To: robert duke who wrote (88)2/16/1999 12:40:00 PM
From: Albert Youssef  Read Replies (1) of 119
 
Robert, MBNA bough PNC's Credit Card business with the proceeds (over $2 billion in receivables). This purchase, in the worst case, shouldn't hurt the earnings outlook, and at best, should be accretive to earnings. Even more so, it makes MBNA an even bigger player in the credit card business, in this world of "bigger is better". Finally, the cash reserves are strengthened. So, I like MBNA here. But then again, I've liked it for the past 2 years, so maybe I'm biased.
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