Dive Brief:

• Toronto-Dominion Bank, known as TD Bank, will acquire department store Nordstrom Inc.’s signature credit card business, the companies said Tuesday. Price and terms of the deal aren’t available.

• Nordstrom began looking for a buyer for its credit-card business a year ago in what it said was an effort to create a partnership that would maintain its all-important emphasis on customer service.

• The Seattle-based department store’s credit-card business includes $2.2 billion in receivables. The deal will close sometime this year.

Dive Insight:

Nordstrom says it will continue to manage its loyalty program and debit-card business, and that little will change as far the customer experience with its bank cards. The business actually made money for Nordstrom, but the company last year said that the arduous task of managing it wasn’t worth the profits. 

Nordstrom will continue to handle customer service for customers with the cards. So as long as Nordstrom can keep up the stellar customer service it’s known for, this may end up as a win-win for both the retailer and its bank.