10:13 AM
Connect Directly

TD Bank Acquires MBNA Canada's Credit Card Portfolio

The move will grow Toronto-based TD's credit card business to 5.8 million customers.

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."

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

Comment  | 
Print  | 
More Insights
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology Oct. 14, 2014
Bank Systems & Technology's new Must Reads is a compendium of our best recent coverage of customer analytics. Learn what big data means for banks, meet Wells Fargo CDO Charles Thomas, find out how to connect with your Gen Y customers, and more.
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.