TD Banknorth Inc. is set to announce today that it is expanding its private-label card business into Canada.
The U.S. banking unit of Toronto-Dominion Bank inherited Shoppers Charge Accounts Co. from its 2006 acquisition of Hudson United Bancorp. and had said at the time said that it would expand the card operation.
TD Banknorth also is expected to announce that it has "enhanced product and service offering" for its U.S. card business.
Last year TD Banknorth, one of the top 10 private-label card issuers in the United States, hired several executives from major retailers to help attract customers. A spokeswoman said Friday that it already has some Canadian customers lined up.
TD Banknorth will also announce that it would change the unit's name to TD Retail Card Service — a move that is in line with Toronto-Dominion's strategy to tie all its business to the TD brand.