MasterCard

MasterCard Incorporated is a membership organization owned by the 25,000 financial institutions that issue its card. MasterCard is also the company's brand of credit cards.

Related Topics:
Membership organization - Financial institutions - Brand - Credit card

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It was originally created by United California Bank, Wells Fargo, Crocker Bank, and the Bank of California as a competitor to the BankAmericard issued by Bank of America. BankAmericard is now the VISA credit card, issued by Visa International.

Related Topics:
United California Bank - Wells Fargo - Crocker Bank - Bank of California - BankAmericard - Bank of America - VISA - Visa International

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The name Master Charge was licensed by these California banks from the First National Bank of Louisville, Kentucky in 1967. These banks joined with the Interbank Card Association (ICA) to create "Master Charge: The Interbank Card".

Related Topics:
First National Bank of Louisville, Kentucky - 1967

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In 1980, "Master Charge: The Interbank Card" was renamed "MasterCard".

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Based on an SEC filing in early 2005, MasterCard's largest current shareholders are:

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• JP Morgan Chase - 11.7%
• Citigroup - 6.2%
• Bank of America - 6%
• Euro Kartensysteme - 5.2%
• Europay France - 5.0%

The company plans to convert from a cooperative organization to a for-profit company with an initial public offering in late 2005.

Related Topics:
Cooperative - Initial public offering - 2005

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MasterCard: Controversy ►