Toronto-Dominion Bank has named Michael Rhodes the new head of its U.S. consumer bank.

Rhodes will oversee retail operations for the $252.7 billion-asset unit after a stint as head of North American credit card and merchant services business, which he headed since 2011. He played a major part in card deals with consumer retail chain Target as well as Aeroplan, a Canadian-based airplane miles loyalty company, TD said.

Rhodes replaces Nandita Bakhshi, who has become the bank's North American head of direct channels (meaning digital, phone and ATM banking).

Rhodes' career in the financial services industry, primarily payments, has spanned 20 years and five countries, including a tenure as chief executive officer of MBNA Europe Bank Limited, the European credit card arm of Bank of America.

"Michael brings to his new role a proven track record of success across the financial services and banking industry," Mike Pedersen, president and chief executive of TD's U.S. bank, said in a release. "His breadth of global experience will serve him well."

TD's U.S. bank, based in Cherry Hill, N.J., has more than 1,300 branches in 15 East Coast states and the District of Columbia.

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