TD Bank to buy Canadian debt from Bank of America
The Canadian Press- TD Bank (TSX: TD) is boosting its stake in Canadian consumer debt.
The bank says it has agreed to purchase the Canadian credit card business of Bank of America Corp. (NYSE: BAC), which has about $8.5 billion in receivables.
While TD did not disclose the value of the transaction, it said the price was a “modest premium.”
The assets are part of the MBNA credit card portfolio, which was acquired by Bank of America in 2006.
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