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Target sells card business to TD Bank

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NEW YORK — Target Corp. on Tuesday said it reached a deal to sell its entire consumer credit card business to TD Bank Group, ending an almost two-year search for a buyer.

The discounter said the sale price is equal to the gross value of the outstanding receivables at the time of closing. Target’s portfolio currently has a gross value of about $5.9 billion.

The two companies also entered into a seven-year pact under which TD Bank will underwrite, fund, and own future Target credit card and Target Visa receivables in the United States.

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