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SunTrust Finalizes Sale of Credit Card Portfolio to MBNA

11/18/1999
ATLANTA. – SunTrust Banks, Inc. (NYSE: STI) today announced the completion of the previously announced sale of its $1.5 billion SunTrust BankCard credit card portfolio to MBNA America Bank, N.A. Under the terms of the agreement, SunTrust will continue to offer personal credit card products that will carry the SunTrust brand through MBNA.

SunTrust Banks, Inc., the nation's 9th largest commercial banking organization, provides a wide range of financial services to meet the needs of its growing customer base in Alabama, Florida, Georgia, Maryland, Tennessee, Virginia and the District of Columbia. Its primary businesses include traditional deposit and credit services as well as trust and investment services. MBNA Corporation (NYSE: KRB), a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $67.4 billion in managed loans. MBNA, the largest independent credit card lender in the world, also provides retail deposits, consumer loan and insurance products.
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