PPP KINGDOM

PPP KINGDOM

B of A TO EXIT CANADA, EUROPE CREDIT CARD BUSINESS

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Bank of America Corp  plans to sell its credit card business in Canada to TD Bank Group, part of a plan by the largest U.S. bank to shed assets and rebuild its capital base.

A Bank of America shareholder walks into the corporate headquarters prior to the start of the Bank of America annual shareholders meeting in Charlotte, North Carolina May 11, 2011. REUTERS/Chris Keane

The bank also wants to exit its United Kingdom and Ireland card businesses. It has not decided whether to sell or wind down those operations, said bank spokesman Jerry Dubrowski.

The move effectively ends Bank of America’s international consumer banking operations, and comes as it seeks ways to bulk up its capital cushion.

http://www.reuters.com/article/2011/08/15/us-bofa-creditcards-idUSTRE77E2CV20110815

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FINANCIAL WARRIOR

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