TORONTO,
Oct. 1, 2015 /CNW/ - TD Bank Group
(TD) (TSX and NYSE: TD) today announced the completion of its
transaction with Nordstrom, Inc. (NYSE: JWN). TD has acquired
Nordstrom's existing U.S. Visa and private label consumer credit
card portfolio, which currently totals approximately $2.2 billion in receivables. In addition, the two
companies have entered into a separate long-term agreement under
which TD will become the exclusive U.S. issuer of Nordstrom-branded
Visa and private label consumer credit cards to Nordstrom
customers.
"We are thrilled to complete this transaction
with Nordstrom, a leading retail franchise that shares our strong
commitment to the customer," said Bharat Masrani, Group President
and CEO, TD Bank Group. "This agreement continues to build on the
success of our growing North American credit card business."
As previously announced, under the terms of the
relationship, Nordstrom will retain all aspects of customer-facing
activities, aligning with Nordstrom's strategy of enhancing the
customer experience while allowing for improvement in capital
efficiency.
For additional details on the transaction,
please refer to TD's May 26, 2015
press release, which is available on td.com.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively
known as TD Bank Group ("TD" or the "Bank"). TD is the seventh
largest bank in North
America by branches and serves more than 24 million
customers in three key businesses operating in a number of
locations in financial centres around the globe: Canadian Retail,
including TD Canada Trust, TD Auto Finance Canada, TD Wealth
(Canada), TD Direct Investing, and
TD Insurance; U.S. Retail, including TD Bank, America's Most
Convenient Bank, TD Auto Finance U.S., TD Wealth (U.S.), and an
investment in TD Ameritrade; and Wholesale Banking, including TD
Securities. TD also ranks among the world's leading online
financial services firms, with approximately 10 million active
online and mobile customers. TD had CDN$1.1 trillion in assets on July 31, 2015. The Toronto-Dominion Bank trades under the symbol
"TD" on the Toronto and New
York Stock Exchanges.
SOURCE TD Bank Group