Bank of America Corp (BAC.N) plans to sell its credit card business in Canada to TD Bank Group and will exit the rest of its international card business, the bank said on Monday. TD Bank's agreement with Bank of America, the largest U.S. bank by assets, covers an $8.6 billion card portfolio, according to a Bank of America statement. It did not disclose the value of the transaction. TD Group said it will pick up 1.8 million active card accounts from the deal and that it would pay a "modest premium" for the card receivables. Bank of America also said it would exit its United Kingdom and Ireland card businesses. It has not made a decision on the future of those businesses, which it may wind down or sell, a spokesman said.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC traded higher by 3.48% or $0.25/share to $7.44. 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 42940224.
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