First Annapolis Advises TD Bank Group on Strategic Credit Card Relationship with Nordstrom
SEATTLE, WA and TORONTO- Nordstrom, Inc. (NYSE: JWN) and TD Bank Group (TD) (TSX and NYSE: TD) announced an agreement under which TD will acquire 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.
“This agreement with Nordstrom, achieved through great partnership and collaboration, continues the success of our growing North American credit card business,” said Bharat Masrani, Group President and CEO, TD Bank Group.
First Annapolis Consulting, Inc. served as advisor to TD Bank Group.
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