BofA to Pull Out of Canadian Credit Card Business
Bank of America (BofA) has agreed to sell its credit card business in Canada to TD Bank Group. In addition, it will exit its credit card businesses in the UK and Ireland. The move also continues the transformation of BofA’s credit card business, following the sale of the UK business lending portfolio, the agreement to sell the Spanish card business, and the company’s continued exit from the depository institution affinity credit card business with the recent sales of the regions and sovereign credit card portfolios.
“Our strategy is clear: We have been transforming the company to deliver the franchise to our core customer groups, and building a fortress balance sheet behind that,” said chief executive officer (CEO) Brian Moynihan. “While the credit card remains a fundamental core product for our US customers, an international consumer card business under another brand is not consistent with that strategy.”