The sale completes the transformation of Bank of America’s consumer credit card business from a multi-country, multi-brand business to a single-brand business serving core retail customers in the United States. The transaction is expected to close by mid-2017, subject to regulatory approval. Depending on closing conditions, Bank of America expects to record a minimal after-tax gain associated with the sale.
The UK consumer credit card portfolio has approximately USD10 billion in credit card receivables. The transaction does not impact Bank of America’s global commercial card business, which is part of Global Transaction Services.
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