Target (NYSE:TGT) has completed the sale of its consumer credit card portfolio to TD Bank, which acquired the business for $5.7 billion. That amount is the gross value of the portfolio's outstanding receivables.

The deal mandates the bank to underwrite, fund, and own receivables from the retailer's branded store card and its Visa card for a period of seven years. For its part, over that span of time Target is obligated to continue to provide all servicing for the accounts of those cards.

Target said it expects to book a pre-tax gain of $393 million on the sale in its Q1 2013 results.