TD Bank Group has purchased Nordstrom’s existing US Visa and private label consumer credit card portfolio.
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The consumer credit card portfolio presently totals nearly $2.2bn in receivables, the bank said in a release.
In a separate move, the two parties have signed a long-term deal, making TD the exclusive US issuer of Nordstrom-branded Visa as well as private label consumer credit cards to Nordstrom customers.
Under the terms of the deal, Nordstrom will retain all aspects of customer-facing activities, in tune with its strategy of improving both customer experience and capital efficiency.
TD Bank Group group president and CEO Bharat Masrani remarked: "We are thrilled to complete this transaction with Nordstrom, a leading retail franchise that shares our strong commitment to the customer.
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By GlobalData"This agreement continues to build on the success of our growing North American credit card business."
