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News

Capital One to sell Best Buy card portfolio to Citigroup

Wednesday 20 February 2013 13:01 CET | News

US financial institution Capital One has revealed plans to sell its USD 7 billion portfolio of private label and co-branded credit card accounts linked to electronics retailer Best Buy to financial services provider Citigroup.

Financial terms of the agreement have not been disclosed. Citigroup has revealed plans to issue and manage Best Buy credit cards in the US.

The transactions are expected to be completed in Q3 2013.

Citis retailer cards business now services 90 million accounts for chains such as The Home Depot Inc, Macys and Sears Holdings. In recent news, Capital One has completed the acquisition of banking and financial services organisation HSBC Card. The company has first revealed plans to acquire HSBC Card in August 2011.
 


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Keywords: Capital One, Best Buy, Citigroup, cards, US
Categories: Payments & Commerce
Companies:
Countries: World
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