NEW YORK ( TheStreet) -- Bank of America ( BAC - Get Report) was the loser on Tuesday among the largest financial names, with shares pulling back nearly 5% to close at $7.40.

Following Monday's announcement of Bank of America's deal to exit its international credit card business, including a deal to sell its $8.5 billion Canadian card portfolio to TD Bank Group ( TD - Get Report), the Financial Times suggested Barclays PLC and Santander UK PLC as possible buyers for Bank of America's credit card operations in the United Kingdom and Ireland. Meanwhile, two analysts told SNL Financial they expected BAC to face some difficulty in selling its remaining international credit card businesses.

As the financial sector's daily see-saw continued, the broad indexes were down only slightly, following a meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel, where the two leaders proposed new taxes on financial transactions, while rejecting Eurobonds as a way of raising money to resolves Europe's debt crisis. Meanwhile, economic growth slowed in Germany.

The KBW Bank Index ( I:BKX) declined over 2% to close at 38.45, with all 24 index down for the session.

Morgan Stanley ( MS - Get Report) was also down 5% to close at $17.09.

Citigroup ( C - Get Report) was down over 4% to close at $29.94.

Regions Financial ( RF - Get Report) was down 3.5% to close at $4.39, after the Daily News of Memphis, Tenn., reported that the company had received 24 bids for its Morgan Keegan unit. Regions reportedly gave bidders a deal threshold of $1 billion.


-- Written by Philip van Doorn in Jupiter, Fla.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.