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Bank of America Corp. said Monday that it is selling an $8.6 billion credit card portfolio in Canada and plans to unload $19 billion of card loans in Europe as it works to exit the international card business.
August 15 -
TCF Financial said Thursday that it is acquiring Gateway One Lending & Finance, an Anaheim, Calif., company that uses its relationships with more than 3,100 dealers to make car loans to consumers in 30 states.
October 13
Toronto-Dominion Bank and TCF Financial Corp. said Thursday they had completed separate acquisition deals.
The $192 billion-asset TD assumed almost all of MBNA Canada's credit card portfolio along with other assets and liabilities. Bank of America Corp., which purchased MBNA in 2006, announced in August that it was
Under the deal, TD took over all of MBNA Canada's obligations to Gloucester Credit Card Trust as seller, servicer and administrative agent. TD will delegate some servicing functions to MBNA Canada, B of A and their affiliates during a transition period. TD expects to complete the conversion of the acquisition in about 18 months.
MBNA Canada is the largest MasterCard issuer and fourth largest credit card provider in the country. With the acquisition, TD's Canadian credit card business has about 5.8 million accounts.
In a different deal, TCF in Wayzata, Minn., entered the indirect automobile lending business with the purchase of Gateway One Lending & Finance LLC in Anaheim, Calif.
Gateway has more than 3,200 dealer relationships to originate loans in 30 states, mostly for used cars. Through Oct. 31, the company originated $239 million of auto loans and managed a portfolio of $412 million. The $19.1 billion-asset TCF will retain Gateway One's management team.
