March 18, 2013 / 5:39 PM / in 5 years

HSBC Canada to sell its credit card portfolio business

(Reuters) - HSBC Bank Canada (HSBA.L) said it would sell its private label credit card portfolio to a wholly owned subsidiary of Toronto-Dominion Bank (TD.TO) as it accelerates the wind-down of its consumer finance business.

Three buildings in the Canary Wharf financial district of London May 7, 2008. Number one Canada Square, the HSBC building and the Citigroup building. REUTERS/Kevin Coombs

The portfolio was worth about C$495 million ($485.70 million) as of February 28, HSBC Canada said in a statement, without disclosing the sale price.

The sale of HSBC Retail Services Ltd to TD Financing Services Inc is expected to be completed in the third quarter of 2013, the company said.

Reporting by Krithika Krishnamurthy in Bangalore; Editing by Saumyadeb Chakrabarty

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