CHARLOTTE, North Carolina (
Bank of America
said Monday it agreed to sell its $8.6 billion credit card business in Canada to
TD Bank Group
and will exit its credit card businesses in the U.K. and Ireland.
"While the credit card remains a fundamental core product for our U.S. customers, an international consumer card business under another brand is not consistent with that strategy," said CEO Brian Moynihan in a statement.
The sale of the Canadian business is expected to close in the fourth quarter. Bank of America said the transaction is expected to have a "positive impact" on the bank's Tier 1 common and tangible common equity.'
Bank of America said its U.K. and Ireland businesses combined have $19 billion in credit card loans.
-- Written by Joseph Woelfel
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