Toronto-Dominion Bank to Acquire Target U.S. Card Portfolio

Toronto-Dominion Bank, Canada’s second-largest bank, agreed to buy the $5.9 billion U.S. credit card portfolio of Target Corp. (TGT) The price wasn’t disclosed.

The transaction will “significantly expand our presence in the North American credit card business,” Toronto-Dominion Chief Executive Officer Edmund Clark said today in a statement. Target said it will record pretax gains of as much as $600 million from the transaction.

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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