Apollo to buy BofA Irish credit card business

NEW YORK

Investment firm Apollo Global Management LLC said Wednesday that it's buying Bank of America Corp.'s Irish consumer credit card portfolio, the bank's latest asset sale.

Financial terms were not disclosed.

Last August, the bank announced plans to exit its credit card businesses in the United Kingdom and Ireland and sell its Canadian credit card business to TD Bank Group. It has also sold Apollo its Spanish consumer credit card portfolio and operations.

BofA has moved to sell off divisions in an attempt to shore up its balance sheet, ceding its title as the country's biggest bank to JPMorgan Chase & Co. last year.

New York-based Apollo said the Irish portfolio includes more than 200,000 customer accounts with a balance of more than 650 million euro ($858 million) in receivables.

The deal is subject to regulatory approval.

Apollo shares rose 8 cents to $14.40 in afternoon trading, while Bank of America shares added 3 cents to $9.84.