News Summary: Target sells credit card business

AP News
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Posted: Oct 23, 2012 4:35 PM

NEW YORK (AP) — TARGET'S CREDIT CARD SALE: Target reached a deal to sell its entire consumer credit card business to TD Bank Group, ending an almost two-year search for a buyer.

THE DETAILS: The discounter, based in Minneapolis, said the sale price is equal to the gross value of the outstanding receivables at the time of closing. Target's portfolio currently has a gross value of about $5.9 billion.

WHAT'S NEXT: The transaction, subject to regulatory approval, is expected to close in the first half of 2013.