TORONTO - Citibank Canada has signed an agreement with Toronto-Dominion Bank to buy Canada Trust's MasterCard credit card portfolio.
The terms of the deal and the portfolio size were not disclosed.
Toronto-Dominion bought Canada Trust this year but decided to continue its relationship with Visa instead of switching to MasterCard. Visa Canada does not allow financial institutions to issue both Visa and MasterCard.
Citibank Canada, a subsidiary of Citigroup, said it will convert all of its Visa credit cards to MasterCard in the coming months.
As part of the agreement, Citibank will acquire Canada Trust's MasterCard operations center in London, Ontario, and offer jobs to all Canada Trust MasterCard employees.