TD Bank has signed a deal to acquire U.S. retailer Nordstrom’s existing U.S. Visa and private label consumer credit card portfolio, which totals roughly $2.2 billion in receivables.
The bank has also signed an agreement to become the exclusive U.S. issuer of Nordstrom-branded Visa and private label consumer credit cards to Nordstrom customers.
Under the arrangement, Nordstrom will continue to perform account servicing functions.
The retailer will also will continue to fund and manage the Nordstrom Rewards loyalty program, Nordstrom debit cards and Nordstrom employee accounts.
The deal is expected to close in the second half of this year.
Nordstrom opened its first store in Canada last year in Calgary.
