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.
Other Articles By Author
HFN Launches Interactive Idea Book
HFN's DIGITAL EDITION
COVER STORY: HFN Turns 90
We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.
ALSO IN THIS ISSUE:
- Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
- Omnichannel Retailing - In the Mobile App World, Time is Money