Fast-growing MBNA will add 500 jobs and double its work force in Maryland

January 18, 1998|By Kevin L. McQuaid | Kevin L. McQuaid,SUN STAFF

Of all the companies in the Baltimore area that are expected to add new jobs in 1998, few -- if any -- have the potential to grow like MBNA Corp.

The Wilmington, Del.-based credit card giant, fast on its way to becoming the world's largest with more than $40 billion in loans, will hire roughly 500 people in the coming year for its new $H Mid-Atlantic regional headquarters in Hunt Valley.

To accommodate the new employees -- which will double its work force in Maryland -- MBNA is spending tens of millions of dollars to renovate and expand an eight-story office building that was formerly PHH Corp.'s headquarters, where it set up shop in September.

The first phase of the expansion, which will roughly double the size of the 160,000-square-foot building, is set for completion next month.

"The construction is on time and on budget, and we're hiring some great people," said Peter H. Frank, an MBNA spokesman. "Things are progressing perfectly so far."

But the 1,000 employees projected to be on board by the end of the year, in the areas of credit card collections, administration, business development and education, are just the beginning.

Three years from now, MBNA expects its regional headquarters will employ 3,000, making the company Baltimore County's second-largest private employer. At that size, MBNA is expected to generate more than $700 million a year in wages, benefits and taxes.

But even before reaching 3,000 employees, MBNA is already proving to be an economic development boon to the county, officials said.

"Since MBNA has committed to opening its Northeast regional headquarters here, we've had additional successes with commitments with jobs from other companies," said Baltimore County Executive C.A. Dutch Ruppersberger, who is a of close friend Charles M. Cawley, chairman and CEO of MBNA, and is one of the primary reasons the company decided to go to the county. "MBNA has helped with momentum."

Pub Date: 1/18/98

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