TD Bank Financial Group has already made bold moves to attract and keep customers: It operates longer on weekdays and Saturdays than most banks, and is open on Sundays. Now it’s boosting its presence in the consumer credit card sector with the $8.43 billion acquisition of MBNA Canada’s credit card business from Bank of America Corporation.
BofA bought MBNA’s credit card business in 2006, but has been selling off units as it transitions out of the international credit card business. MBNA Canada is the largest issuer of MasterCard in Canada. The acquisition of the MBNA portfolio will add 1.8 million active MasterCard accounts to TD Bank’s existing 4 million Visa accounts, positioning the bank as a top card issuer in Canada. The deal was announced August 15 and is expected to close in the first quarter of 2012.
For acquiror TD Bank Financial Group (Toronto)
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