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)       July 23, 2003
                                                    -------------------------
                                MBNA Corporation
   --------------------------------------------------------------------------
   (Exact name of registrant as specified in its charter)



           Maryland                    1-10683             52-1713008
   --------------------------------------------------------------------------
   (State or other jurisdiction     (Commission       (I.R.S. Employer
        of incorporation)           File Number)       Identification No.)



             Wilmington, Delaware                              19884-0131
   --------------------------------------------------------------------------
   (Address of principal executive offices)                   (Zip Code)


   Registrant's telephone number, including area code     (800) 362-6255
                                                      -----------------------


   --------------------------------------------------------------------------
       (Former name or former address, if changed since last report.)













Item 5.  Other Events


On July 23, 2003, MBNA Europe Bank Limited, a wholly owned foreign bank
subsidiary of MBNA America Bank, N.A., located in the United Kingdom, completed
the securitization of 250.0 million pounds sterling ten-year credit card asset
backed notes issued through Chester Asset Receivables Dealings 2003-B PLC
(CARDS trademark). MBNA America Bank, N.A. is a wholly owned subsidiary of MBNA
Corporation.

The transaction had three publicly traded asset backed notes, 220.0 million
pounds sterling Class A (senior) 4.650% fixed rate asset backed notes, 12.5
million pounds sterling Class B (subordinate) floating rate asset backed notes,
and 17.5 million pounds sterling Class C (subordinate) 6.125% fixed rate asset
backed notes.  The Class A notes were priced at 99.736% to yield 4.684%.  The
Class B notes were priced at par and will accrue interest at 76 basis points
over the three month Sterling London Interbank Offered Rate. The Class C notes
were priced at 99.945% to yield 6.133%.  Interest on the Class A notes and the
Class C notes will be paid annually.  Interest on the Class B notes will be
paid quarterly.

The securities are governed by English law and are expected to be listed
on the London Stock Exchange.



































                                   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 hereunto duly authorized.








                                                        MBNA CORPORATION


Date:  July 23, 2003                       By: /s/     Vernon H.C. Wright
                                               -------------------------------
                                                       Vernon H.C. Wright
                                                     Chief Financial Officer
[{"type": "8-K", "sequence": "1", "filename": "jul23sec.txt", "description": "JULY 23, 2003 8-K", "secsgml_size_bytes": 3407}]
{"company-data": {"conformed-name": "MBNA CORP", "cik": "0000870517", "assigned-sic": "6021", "irs-number": "521713008", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-10683", "film-number": "03798139"}, "business-address": {"street1": "1100 N KING ST", "street2": "C/O MBNA AMERICA BANK NA", "city": "WILMINGTON", "state": "DE", "zip": "19884", "phone": "8003626255"}, "mail-address": {"street1": "1100 NORTH KING STREET", "city": "WILMINGTON", "state": "DE", "zip": "19884"}}
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)       July 23, 2003
                                                    -------------------------
                                MBNA Corporation
   --------------------------------------------------------------------------
   (Exact name of registrant as specified in its charter)

           Maryland                    1-10683             52-1713008
   --------------------------------------------------------------------------
   (State or other jurisdiction     (Commission       (I.R.S. Employer
        of incorporation)           File Number)       Identification No.)

             Wilmington, Delaware                              19884-0131
   --------------------------------------------------------------------------
   (Address of principal executive offices)                   (Zip Code)

   Registrant's telephone number, including area code     (800) 362-6255
                                                      -----------------------

   --------------------------------------------------------------------------
       (Former name or former address, if changed since last report.)

Item 5.  Other Events

On July 23, 2003, MBNA Europe Bank Limited, a wholly owned foreign bank
subsidiary of MBNA America Bank, N.A., located in the United Kingdom, completed
the securitization of 250.0 million pounds sterling ten-year credit card asset
backed notes issued through Chester Asset Receivables Dealings 2003-B PLC
(CARDS trademark). MBNA America Bank, N.A. is a wholly owned subsidiary of MBNA
Corporation.

The transaction had three publicly traded asset backed notes, 220.0 million
pounds sterling Class A (senior) 4.650% fixed rate asset backed notes, 12.5
million pounds sterling Class B (subordinate) floating rate asset backed notes,
and 17.5 million pounds sterling Class C (subordinate) 6.125% fixed rate asset
backed notes.  The Class A notes were priced at 99.736% to yield 4.684%.  The
Class B notes were priced at par and will accrue interest at 76 basis points
over the three month Sterling London Interbank Offered Rate. The Class C notes
were priced at 99.945% to yield 6.133%.  Interest on the Class A notes and the
Class C notes will be paid annually.  Interest on the Class B notes will be
paid quarterly.

The securities are governed by English law and are expected to be listed
on the London Stock Exchange.

                                   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 hereunto duly authorized.

                                                        MBNA CORPORATION

Date:  July 23, 2003                       By: /s/     Vernon H.C. Wright
                                               -------------------------------
                                                       Vernon H.C. Wright
                                                     Chief Financial Officer