Department Stores M&A » By The Online Investor Staff, updated Mon., Jul. 4, 11:15 AM
Recent mergers and acquisitions in the Department Stores M&A category.
| This Slide: #26 of 27 |
Slide #26. TD Bank Group — Target Credit Card Portfolio
Acquirer:
TD Bank Group (TD)
Acquiree:
Target Credit Card Portfolio (TGT)
Details:
Target Corporation announced that it has reached an agreement to sell its entire consumer credit card portfolio to TD Bank Group for an amount equal to the gross value of the outstanding receivables ("par") at the time of closing. Target's portfolio currently has a gross value of approximately $5.9 billion. In addition, the two companies entered into a seven-year program agreement under which TD will underwrite, fund and own future Target Credit Card and Target Visa receivables in the United States. Under the program agreement, TD will control risk management policies and regulatory compliance and Target will continue to perform account servicing functions. This transaction, which is subject to regulatory approval and other customary closing conditions, is expected to close in the first half of calendar 2013.
Toronto Dominion Bank serves customers in three key businesses operating in a number of locations in financial centers around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including, TD Bank, N.A., operating under the brand name TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; and Wholesale Banking, including TD Securities. Co. is also an online financial services firm, serving online and mobile customers.
Preferreds: TD.PRA.CA, TD.PRC.CA, TD.PRE.CA, TD.PRG.CA, TD.PRI.CA, TD.PRK.CA, TD.PRO.CA, TD.PRP.CA, TD.PRQ.CA, TD.PRR.CA, TD.PRS.CA, TD.PRY.CA
Open the TD Page at The Online Investor »Toronto Dominion Bank serves customers in three key businesses operating in a number of locations in financial centers around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including, TD Bank, N.A., operating under the brand name TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; and Wholesale Banking, including TD Securities. Co. is also an online financial services firm, serving online and mobile customers.
Preferreds: TD.PRA.CA, TD.PRC.CA, TD.PRE.CA, TD.PRG.CA, TD.PRI.CA, TD.PRK.CA, TD.PRO.CA, TD.PRP.CA, TD.PRQ.CA, TD.PRR.CA, TD.PRS.CA, TD.PRY.CA
Open the TGT Page at The Online Investor »
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
 Free Email Alerts:
Get SEC Filing Alerts Get Dividend Alerts 
|
