Bank of America Corp (BAC.N) plans to sell its credit card business in Canada to TD Bank Group and will exit its card business in the UK and Ireland. The agreement with TD Bank covers an $8.6 billion card portfolio, according to a Bank of America statement on Monday. It did not disclose the value of the transaction. TD Group said it will pick up 1.8 million active accounts from the deal and that it would pay a "modest premium" for the card receivables. The proposed card sale comes as the biggest U.S. bank seeks ways to bulk up its capital cushion as it fights lawsuits and credit problems related to its ill-fated acquisition of home mortgage lender Countrywide Financial three years ago.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC remained unchanged at $7.19. In the past year, the shares have traded as low as $6.31 and as high as $15.31. On average, 189743008 shares of BAC exchange hands on a given day and today's volume is recorded at 1120979.
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