Bank of America Corp (BAC.N) plans to sell its credit card business in Canada to TD Bank Group (TD.TO), part of a plan by the largest U.S. bank to shed assets and rebuild its capital base. The deal with TD Bank covers an $8.6 billion portfolio, Bank of America said on Monday. The bank also wants to exit its United Kingdom and Ireland card businesses. It has not decided whether to sell or wind down those operations, said bank spokesman Jerry Dubrowski. The move effectively ends Bank of America's international consumer banking operations, and comes as it seeks ways to bulk up its capital cushion.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC traded higher by 5.15% or $0.3705/share to $7.56. 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 109061424.
The Toronto-Dominion Bank is a Canada-based bank. Shares of TD traded higher by 1.37% or $1.05/share to $77.59. In the past year, the shares have traded as low as $64.08 and as high as $89.79. On average, 825094 shares of TD exchange hands on a given day and today's volume is recorded at 298727.
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