European banking giant HSBC announced last week that it had sold its U.S. credit card portfolio to Capital One in a deal worth a reported $2.6 billion. Bank of America similarly said this week it sold its Canadian credit card business, according to published reports.
Bank of America, the biggest U.S.-based bank by assets, announced on Monday it is moving away from the international credit card sector as it faced continual litigation stemming from its purchase of Countrywide Financial during the height of the economic crisis.
According to a report from The New York Times, Bank of America unloaded its Canadian credit card unit this week. The TD Bank Group is purchasing the company's credit card portfolio in the North American country, according to reports, and is reportedly paying roughly $8.6 billion for the company's credit card division.
"Our strategy is clear: We have been transforming the company to deliver the franchise to our core customer groups, and building a fortress balance sheet behind that," Bank of America chief executive Brian T. Moynihan said in a statement.
According to The Times, Bank of America has sold more than 20 of its businesses since Moynihan assumed the helm in 2010.
Bank of America, the biggest U.S.-based bank by assets, announced on Monday it is moving away from the international credit card sector as it faced continual litigation stemming from its purchase of Countrywide Financial during the height of the economic crisis.
According to a report from The New York Times, Bank of America unloaded its Canadian credit card unit this week. The TD Bank Group is purchasing the company's credit card portfolio in the North American country, according to reports, and is reportedly paying roughly $8.6 billion for the company's credit card division.
"Our strategy is clear: We have been transforming the company to deliver the franchise to our core customer groups, and building a fortress balance sheet behind that," Bank of America chief executive Brian T. Moynihan said in a statement.
According to The Times, Bank of America has sold more than 20 of its businesses since Moynihan assumed the helm in 2010.
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