News 

Kessler Advises TD on the Purchase of MBNA Canada Credit Card Assets from Bank of America

TD Bank Group announced it has completed the acquisition of substantially all of MBNA Canada’s credit card portfolio, as well as certain other assets and liabilities, from Bank of America Corporation.  The Kessler Group advised TD on this purchase.  MBNA Canada is the largest MasterCard issuer and the fourth largest credit card issuer in the country.  Following the closing of this transaction, TD’s Canadian credit ca...
continue reading ›

Kessler Gift Addresses Growing Need for Cancer Care in the Developing World

The World Health Organization estimates that there will be 16 million new cancer cases worldwide by 2020, with 70 percent of those occurring in developing nations like Rwanda. By the year 2020, Rwanda is expected to have hundreds of thousands of cancer patients living within its borders, yet it lacks the necessary infrastructure and training to handle such an epidemic.

The Kessler Group Advises Capital One on Purchase of HSBC US Credit Card Business

On August 10, 2011, Capital One Financial Corporation (NYSE: COF) announced a definitive agreement under which Capital One will acquire HSBC’s domestic credit card business, including its approximately $30 billion credit card portfolio, for an 8.75 percent premium to par value of all receivables. As of June 30, 2011, the premium would have totaled $2.59 billion. Despite the expected addition of approximately $30 billion of HSBC credit card loans, the company does not expect a significant increase in total assets. The company expects to fund HSBC credit card loans primarily with cash and the proceeds from the balance sheet repositioning related to the pending ING Direct acquisition.

Kessler Supports Non-Profit Youth Employment Services

Costa Mesa, CA – Youth Employment Service (YES) of the Harbor Area, a non-profit organization providing employment counseling, training and job referral services for at-risk youth and young adults, announced on August 3, 2011, that it received a $35,000 donation from Santa Ana-based Corinthian Colleges and its Everest Santa Ana campus. The contribution is the largest single-year, private, non-grant donation in YES history.

Kesslers Establish Center of Excellence at Partners

Philanthropists Howard and Michele Kessler are well-known for their benevolence toward the less fortunate. In March of this year, they unveiled a plan to improve healthcare for some of the world’s most vulnerable populations – both here and abroad.

The Kesslers announced a $6 million gift to create the Kessler Center of Excellence at Partners HealthCare to propel exciting projects locally and globally. The center will specifically fuel two initiatives at Brigham and Women’s Hospital (BWH), another at Massachusetts General Hospital (MGH), and another at the Dana-Farber Cancer Institute (DFCI).