Toronto-Dominion to Buy $5.9 Billion Target Card Portfolio
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Toronto-Dominion Bank, Canada’s second-largest bank, agreed to buy the $5.9 billion U.S. credit card portfolio of Target Corp.
The portfolio will be sold for an amount equal to the gross value of the outstanding receivables at the time of closing, Minneapolis-based Target said today in a statement. TD also agreed to a seven-year deal to underwrite, fund and own the retailer’s future credit card and Visa receivables in the U.S., the companies said.