Nordstrom Sells Credit Card Portfolio to Canadian Bank

Nordstrom agreed to sell some $2.2 billion in credit card receivables to Toronto-based TD Bank Group, which will also have the exclusive right to issue its branded Visa and private-label credit cards in the U.S. For customers, little, if anything, should change, as the Seattle retailer will still manage customer service for the cards. For Nordstrom it means getting out of the business of financing its customers in order to focus on building more stores and selling more stuff online.