August 15, 2011 / 11:50 AM / in 6 years

TD to buy MBNA Canada credit card portfolio

TORONTO, Aug 15 (Reuters) - Toronto Dominion Bank (TD.TO), Canada’s second-largest lender, said on Monday it agreed to buy the credit card portfolio of MBNA Canada, the nation’s largest MasterCard issuer, from Bank of America Corp (BAC.N).

    TD said the deal would add 1.8 million active accounts to its portfolio, but did not disclose a deal value.

    The bank said it would pay a “modest premium” on an expected C$8.5 billion of credit card receivables at closing. (Reporting by Pav Jordan; editing by Janet Guttsman)

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