BofA set to sell card business
Source: Agencies |
August 16, 2011, Tuesday
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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.
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