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Target to sell credit-card business to TD Bank

NEW YORK — Target said Tuesday it plans to sell its credit-card portfolio to TD Bank Group and unveiled a seven-year deal with the Toronto-based bank.

Target Corp. said that TD Bank would pay an amount equal to the outstanding receivables at the time of the deal closing; currently the value is roughly $5.9 billion.

The retail chain also said it had struck a seven-year program deal with TD, under which TD will underwrite, fund and own future Target Credit Card and Target Visa receivables in the United States.

From wire dispatches and staff reports