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BofA Continues to Sell Off Businesses
Bank of America raised additional capital by shedding its $8.6 billion Canadian credit card business. Since taking over in 2010, CEO Brian Moynihan has overseen the sale of some 20 businesses for about $30 billion. The TD Bank Group bought the credit card unit for an undisclosed amount.
BofA continues to overhaul its credit card business. It's selling off its international card business, while keeping its U.S. card loans, in the aim of improving its capital ratios. The bank has already gotten rid of its Spanish and small business card portfolios. Remaining is a combined $19bn in loans in Britain and Ireland, which the company also plans to sell.
The moves come as the bank continues to struggle to recover following the financial crisis and Countrywide acquisition. Settlements stemming from Countrywide lawsuits led BofA to post an $8.8bn loss in the second quarter. [Dealbook, 8/15/11]
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