High-end retailer Nordstrom's is soliciting partners for its store-branded credit card. Potential partners include Capital One, Toronto-Dominion Bank, CitiGroup, and JPMorgan Chase & Co, note sources close to the matter who asked not to be identified in Bloomberg's original reporting on the story. The total value of the upscale department store's credit portfolio is estimated at $2 billion.
The Seattle-based chain announced in mid-May that it is working with Goldman Sachs and Guggenheim Partners LLC to find a “financial partner” for its credit cards within the next year-and-a-half.
There is, as of yet, no official date for the public soliciting of offers has been set yet-the company plans to reach out to other top issuers of credit and private label cards.
Toronto-Dominion last year bought Target’s $5.9 billion credit card portfolio, while Capital One bought HSBC Holdings Plc’s store-branded cards in 2012.
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