-
Citigroup Inc. has entered an agreement to buy the Best Buy private-label card portfolio, which has about $7 billion in loans, from Capital One Financial Corp. Citi has also agreed to issue and manage new Best Buy-branded cards in the U.S.
February 19 -
Capital One is backpedaling from one of its two big deals last year, dumping a $7 billion credit card portfolio as it struggles to justify the rest of its investment.
February 19
Capital One Financial (COF) announced plans Tuesday to repurchase up to $1 billion of its common shares, contingent on the previously announced sale of a credit card portfolio to Citigroup (NYSE: C).
The Federal Reserve Board has tentatively approved such repurchases through the end of the first quarter of next year, the McLean, Va., credit card company said in a news release.
The repurchases hinge on Capital One's
The Best Buy accounts had been part of a larger $30 billion card portfolio that Capital One purchased last year from HSBC.
