Toronto-Dominion May Expand Cards in U.S., Hockey Says

Toronto-Dominion Bank (TD), Canada’s second-largest bank, may expand its credit-card business in the U.S., said Tim Hockey, the lender’s group head of Canadian banking.

Toronto-Dominion’s acquisition of Bank of America Corp. (BAC)’s MBNA Canadian credit-card portfolio in December gives his bank a revenue “cushion,” said Hockey, speaking today at an investor conference in Montreal. The Toronto-based company will expand its card business “dependent on our store strategy,” he said.

The bank has about 1,300 branches in the U.S., more than it has in Canada.

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; David Scheer at dscheer@bloomberg.net

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