CHARLOTTE, North Carolina ( TheStreet) -- 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 >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: email@example.com.