December 1, 2011
TD Bank Group completes acquisition of MBNA Canada's credit card business
TORONTO -- TD Bank Group today announced it has completed the acquisition of substantially all of MBNA Canada's credit card portfolio, as well as certain other assets and liabilities, from Bank of America Corporation.
"The completion of this transaction significantly builds on our existing Canadian credit card business and positions us as a top issuer in the country," said Tim Hockey , President and CEO, TD Canada Trust. "Acquiring MBNA Canada will boost our capabilities in this space and will be a great complement to our existing high-growth card business."
MBNA Canada is the largest MasterCard issuer and the fourth largest credit card issuer in the country. Following the closing of this transaction, TD's Canadian credit card business will have a total of approximately 5.8 million active accounts. TD expects to complete the conversion of this acquisition approximately 18 months from now. In the meantime, it will be business as usual for customers and MBNA Canada will continue to operate on a standalone basis.
"We will work closely with our affinity partners to ensure a smooth transition as we bring MBNA Canada into the TD family," Hockey said. "We plan to build on the increased scale of our cards business to win new customers and gain market share."