OTTAWA — MBNA Canada, a credit-card issuing unit of Bank of America, is buying CUETS, the largest MasterCard issuer for credit unions in Canada.
The price being paid for CUETS or CU Electronic Transaction Services, owned jointly by the Saskatchewan and Alberta credit union centrals, was not disclosed.
CUETS "will become a subsidiary of MBNA Canada Bank, leveraging superior capabilities of both companies to increase customer value and grow market share in Canada," according to a joint statement released May 30.
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