TD Bank Acquires Target’s Credit Card Portfolio
Today, Target agreed to sell its consumer credit card business to Toronto-Dominion Bank.
TD Bank will purchase the portfolio for an amount equal to the gross value of the outstanding receivables, estimated to be approximately $5.9 billion.
The agreement is for seven years. TD Bank will become the exclusive issuer of Target-branded Visa and private label cards in the United States.
TD Bank is currently the sixth-largest bank in North America.
“Our agreement with Target will significantly expand our presence in the North American credit card business and will establish TD as a key player in this space,” said TD Bank Group’s CEO Ed Clark in a statement.
The deal is expected to close during the first half of 2013 but is subject to regulatory approval.
The information contained within this article was accurate as of October 23, 2012. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.