May 23 Upscale department store operator
Nordstrom Inc is reaching out to potential buyers for
its store-branded credit cards, Bloomberg reported on Friday,
citing sources familiar with the matter.
Nordstrom has approached Citigroup Inc, JPMorgan Chase
& Co, Capital One Financial Corp and
Toronto-Dominion Bank, among other companies to test
interest in its credit cards, the report said. (link.reuters.com/vew59v)
The company, which has yet to set a date to solicit initial
offers, is informally approaching buyers for the portfolio,
Bloomberg said, citing one of the sources.
Nordstrom plans to reach out to other top issuers of credit
cards and private-label cards, Bloomberg reported.
Nordstrom said on May 15 it was seeking a financial partner
for its credit card receivables.
The company had said it was working with Goldman Sachs & Co
and Guggenheim Securities LLC as financial advisors for a
potential deal for its credit card portfolio, which totals about
Target Corp had sold its consumer credit card
portfolio to TD Bank Group for $5.7 billion in March 2013.
Nordstrom could not be reached for a comment beyond normal
(Reporting by Kanika Sikka and Rohit T.K. in Bangalore; Editing
by Lisa Shumaker)