Bank of America (BAC $7.50 +0.31) and TD Bank Group (TD $78.27 +1.73) announced a definitive agreement by which TD Bank Group has agreed to purchase Bank of America's $8.6 billion Canadian credit card portfolio as well as certain other assets and liabilities.
The transaction is expected to close in the fourth quarter, subject to regulatory approval. The transaction is expected to have a positive impact on the co's Tier 1 common and tangible common equity and the respective ratios. The transaction is also expected to result in a modest increase in tangible book value per share, which has grown 12% from January 1, 2010 to June 30, 2011.






