TD Bank Group today announced it has completed its acquisition of MBNA Canada's credit card portfolio, as well as certain other assets and liabilities, from Bank of America Corporation.
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 grow to approximately 5.8 million active accounts. TD expects to complete the entirety of the acquisition in approximately 18 months.
"We will work closely with our affinity partners to ensure a smooth transition as we bring MBNA Canada into the TD family," said Tim Hockey, President and CEO, TD Canada Trust, in a statement. "We plan to build on the increased scale of our cards business to win new customers and gain market share."