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The Associated Press December 1, 2011, 10:16AM ET

TD Bank buys MBNA Canada credit card business

TD Bank Group on Thursday said it completed its purchase of most of MBNA Canada's credit card business from Bank of America Corp.

The parent of Toronto-Dominion Bank did not disclose the purchase price.

MBNA Canada is the fourth largest credit card issuer in Canada and the largest MasterCard issuer. TD Bank's combined Canadian credit card business will total about 5.8 million active accounts.

Toronto-based TD said it expects the combination to be completed in about 18 months. In the meantime, MBNA Canada will continue to operate on a standalone basis.

In connection with the sale, amendments were made to the agreements under the Gloucester Credit Card Trust, the business that handles the securitization of MBNA Canada's card balances, to reflect the new ownership. Credit card companies typically bundle the balances their customers carry and sell them as investments.

TD said the rating agencies rating the Gloucester notes have said the amendments will not result in a downgrade or withdrawal of any of their ratings.

U.S. shares of TB Bank rose 80 cents to $71.71 in morning trading Thursday while Bank of America shares slipped 4 cents to $5.39.

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