BofA set to sell card business
Source: Agencies |
August 16, 2011, Tuesday
|
Print Edition
Print Edition
BANK of America Corp plans to sell its credit card business in Canada to TD Bank Group and will exit the rest of its international card business, the bank said yesterday.
TD Bank's agreement with Bank of America, the largest United States bank by assets, covers an US$8.6 billion card portfolio, according to a Bank of America statement. It did not disclose the value of the transaction.
TD Group said it will pick up 1.8 million active card accounts from the deal and that it would pay a "modest premium" for the card receivables.
Bank of America also said it would exit its United Kingdom and Ireland card businesses. It has not yet made a decision on their future, and may wind down or sell them.
The bank is fighting lawsuits and credit problems related to its acquisition of mortgage lender Countrywide Financial Corp three years ago.
It has lost US$22 billion in its consumer mortgage division in the last four quarters.
TD Bank's agreement with Bank of America, the largest United States bank by assets, covers an US$8.6 billion card portfolio, according to a Bank of America statement. It did not disclose the value of the transaction.
TD Group said it will pick up 1.8 million active card accounts from the deal and that it would pay a "modest premium" for the card receivables.
Bank of America also said it would exit its United Kingdom and Ireland card businesses. It has not yet made a decision on their future, and may wind down or sell them.
The bank is fighting lawsuits and credit problems related to its acquisition of mortgage lender Countrywide Financial Corp three years ago.
It has lost US$22 billion in its consumer mortgage division in the last four quarters.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
