Citigroup said Tuesday that it will alpha arising Best Buy branded acclaim cards.
The New York-based coffer is affairs Capital One Financial Corp.’s portfolio of the electronics retailer’s cards, with accommodation balances of about $7 billion. Capital One will end its acclaim agenda acceding with Best Buy Co. Inc. beforehand than planned.
Financial capacity on the transaction were not disclosed, but Capital One said its accretion from the auction would almost according the book amount of the accounts, so it expects no cogent accident or accretion on the sale. Citi said the accord won’t accept a cogent aftereffect on its balance this year.
The coffer already issues and manages acclaim cards and accompanying articles for retailers like Home Depot, Macy’s and Sears. In a statement, Citi Retail Services CEO Bill Johnson said the coffer was demography the befalling “to abound and enhance Best Buy’s relationships with their loyal and admired customers.”
Capital One, which has looked to aggrandize its acclaim agenda operations in contempo years, didn’t say why it was selling.
The banks said they apprehend the acquirement to be accomplished in the third quarter.
Shares of Citigroup Inc. rose 72 cents, to $44.56, in midday trading. Capital One shares slipped 42 cents to $53.60.
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