UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 29, 1999
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MBNA Corporation
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(Exact name of registrant as specified in its charter)
Maryland 1-10683 52-1713008
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
Wilmington, Delaware 19884
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (800) 362-6255
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(Former name or former address, if changed since last report.)
Item 2. Acquisition or Disposition of Assets
On March 29, 1999, MBNA America Bank, N.A. ("the Bank"), a wholly owned
subsidiary of MBNA Corporation, completed the previously announced acquisition
of the credit card business of PNC Bank Corp., including PNC National Bank,
for approximately $3.2 billion. The acquisition, announced in December 1998,
includes $2.7 billion of credit card receivables, which will be managed from
existing MBNA locations. The Bank funded the acquisition from the proceeds of
the issuance of shares of common stock by MBNA Corporation in January 1999,
from securitization of credit card receivables and from maturing money market
instruments.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MBNA CORPORATION
Date: April 9, 1999 By: /s/ Vernon H. C. Wright
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Vernon H. C. Wright
Executive Vice President
and Chief Corporate Finance
Officer
