Capital One (COF) 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.

The McLean, Va., bank said Tuesday it has agreed to sell its portfolio of Best Buy credit cards to Citigroup, less than a year after buying those cards from HSBC. Capital One initiated the early breakup of its relationship with Best Buy, a bank spokeswoman says; a Best Buy spokeswoman, without addressing timing of its decision, says the retailer solicited proposals for new partners and picked Citigroup.

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