CHARLOTTE, North Carolina (


) --

Bank of America

(BAC) - Get Report

said Monday it agreed to sell its $8.6 billion credit card business in Canada to

TD Bank Group

(TD) - Get Report

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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Joseph Woelfel

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