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Nordstrom, TD Bank Group announce partnership

Nordstrom and TD Bank Group announced this week an agreement under which TD will acquire Nordstrom's existing U.S. Visa and private label consumer credit card portfolio.

May 29, 2015

Nordstrom Inc. and TD Bank Group announced this week an agreement under which TD will acquire Nordstrom's existing U.S. Visa and private label consumer credit card portfolio, which currently totals approximately $2.2 billion in receivables. In addition, the two companies have entered into a separate long-term agreement under which TD will become the exclusive U.S. issuer of Nordstrom-branded Visa and private label consumer credit cards to Nordstrom customers, according to a press release.

"When we began this process a year ago, our number one goal was to continue to take care of our customers directly. We are pleased to meet this goal through our collaboration with TD, a premiere global financial institution and experienced credit card partner. We found TD to be a strong cultural fit, sharing our customer-focused approach and providing capabilities to help us further enhance the customer experience," Blake Nordstrom, co-president, Nordstrom, Inc., said in a statement.

This transaction enables Nordstrom to retain all aspects of customer-facing activities, aligning with Nordstrom's strategy of enhancing the customer experience while allowing for improvement in capital efficiency.

"This agreement with Nordstrom, achieved through great partnership and collaboration, continues the success of our growing North American credit card business," Bharat Masrani, group president and CEO, TD Bank Group, said in a statement. "TD will be working with one of the most highly respected retail brands in the world and one with a well-established, national customer base. We are excited that they have chosen us as their credit card partner."