Target (TGT) to Sell $5.9B Credit Card Portfolio to TD Bank (TD)
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Target (TGT) Closes $5.7B Sale of Consumer Credit Card Portfolio
March 13, 2013 4:10 PM EDTTarget Corporation (NYSE: TGT) announced today that it has completed the sale of its entire consumer credit card portfolio to TD Bank Group (NYSE: TD) for $5.7 billion, the gross value of the outstanding receivables (par) at the time of closing. As previously announced, the two companies have entered into a seven-year program agreement under which TD will also underwrite, fund and own future Target Credit Card and Target Visa receivables in the United States. Under the program agreement, TD will control risk management policies and oversee regulatory compliance and Target will... More
