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BofA to sell Canadian credit card business

Aug. 15, 2011 at 3:47 PM
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CHARLOTTE, N.C., Aug. 15 (UPI) -- Bank of America said Monday it had agreed to sell its Canadian credit card business to TD Bank Group for an undisclosed amount.

"Our strategy is clear: We have been transforming the company to deliver the franchise to our core customer groups, and building a fortress balance sheet behind that," Bank of America Chief Executive Officer Brian Moynihan said in a statement.

"While the credit card remains a fundamental core product for our U.S. customers, an international consumer card business under another brand is not consistent with that strategy."

The plan, the bank said, is to also exit its credit card businesses in Britain and Ireland. It has already announced plans to sell its credit card businesses in Spain.

The bank's Canadian credit card portfolio is worth $8.6 billion, BofA said.

The deal, which must be approved by regulators, is likely to close in the fourth quarter, the bank said.

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