Citi has completed its purchase of electronics retail giant Best Buy's U.S. credit card portfolio from Capital One.
Citi has also converted the portfolio to its systems. Citi Retail Services, the bank's credit card service provider, will manage the portfolio, which has more than $6 billion in receivables. Citi Retail Services' clients include ExxonMobile, Macy's, Sears, Shell and Home Depot.
"As part of this transition Best Buy will also be able to further strengthen our customer loyalty program," said Mark Williams, president of Best Buy Financial Services, in a Sept. 9 press release.
Citi does not currently expect the impact of the agreement, acquisition and conversion to be material to its earnings in 2013, the bank said in a release.
