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Bofa To Exit Canada, Europe Credit Card Business

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Eager to shed assets and rebuild its battered capital base, Bank of America Corp (BAC.N) said on Monday it plans to sell its $8.6 billion (5.2 billion pounds) Canadian credit card portfolio to TD Bank Group (TD.TO).

The bank also wants to exit its United Kingdom and Ireland card businesses, but has yet to decide whether to sell or wind down those operations, said bank spokesman Jerry Dubrowski.

The sale comes just a week after investors hammered the bank's stock amid fears it may need to raise money by offering new shares to help absorb billions in legal and credit costs stemming from its 2008 purchase of Countrywide Financial Corp.

But this isn't a fire sale, and the BoA clearly isn't desperate for cash...

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But this isn't a fire sale, and the BoA clearly isn't desperate for cash...

That's MBNA credit cards in the UK, and I think they administer some of the A&L/Abbey accounts too. One of the daftest of daft lenders- purveyors of the unrequested credit limit increase.

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  • 441 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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