Target Closes Sale of Credit-Card Portfolio
March 14, 2013,
MINNEAPOLIS-Target has completed the sale of its entire credit-card portfolio to TD Bank Group for $5.7 billion.
As previously announced, the two companies have formulated a seven-year program under which TD will also underwrite, fund and own future Target credit-card and Target Visa receivables in the United States. Under this agreement, according to a Target statement, TD will oversee both risk-management policies and regulatory compliance, while Target will continue to perform account-servicing functions.
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