Target Sells $5.9B Credit Card Business To TD Bank

Law360, New York (October 23, 2012, 1:41 PM EDT) -- Mega-retailer Target Corp. said Tuesday that it will sell its branded credit card business, which has $5.9 billion in consumer balances, to TD Bank Group, striking a deal nearly two years after it first put the unit up for sale.

The sales price will be equal to the balances on the cards at the time of closing, the companies said. The value now stands at $5.9 billion, but that could change, particularly with the run-up to the holiday shopping season.

Under the terms of the deal,...
To view the full article, register now.