After the complete integration of the MBNA accounts, TD’s Canadian credit card business will have a total of approximately 5.8 million active accounts.
Toronto-based TD said it expects the combination to be completed in about 18 months and in the meantime, MBNA Canada will continue to operate on a standalone basis.
TD Canada Trust president and CEO Tim Hockey said that the completion of this transaction significantly builds on their existing Canadian credit card business and positions them as a top issuer in the country. Acquiring MBNA Canada will boost their capabilities in this space and will be a great complement to their existing high-growth card business.
"We plan to build on the increased scale of our cards business to win new customers and gain market share," added Hockey.
