Capital One Sells Best Buy Card Portfolio To Citi In $7B Deal

Law360, New York (February 19, 2013, 10:54 PM EST) -- Citigroup Inc. will take over Best Buy Co.-branded cards, and roughly $7 billion in loans associated with them, from Capital One Financial Corp., the firms announced Tuesday.

The deal includes both prepaid cards that can be used in Best Buy retail stores, as well as credit cards bearing the Best Buy logo, which can be used anywhere, according to company statements. The purchase price was not disclosed. Best Buy's cards will join nearly 90 million others under Citi Retail Services' umbrella, including The Home Depot Inc.,...
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