This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Capital One To Sell Best Buy Card Portfolio

MCLEAN, Va., Feb. 19, 2013 /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) today announced that it has reached an agreement to sell the portfolio of Best Buy private label and co-branded credit card accounts, with current loan balances of approximately $7 billion, to Citi.  In addition, Capital One and Best Buy have agreed to end their contractual credit card relationship early.

The sale of the loans to Citi, which is subject to customary closing conditions, and early termination of the Best Buy partnership are expected to be finalized in the third quarter of 2013.  Upon closing, Capital One expects that the proceeds from the sale will approximate the book value of the accounts, resulting in no significant gain or loss on the transaction. 

"We have a proven, scale partnerships infrastructure and a great portfolio of partners," said Capital One's Bill Cilluffo, EVP, Card Partnerships.  "Our partnerships business continues to deliver strong contributions to our results and serves as a platform for future growth potential."

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act giving Capital One's expectations or predictions of future financial or business performance or conditions. Such forward-looking statements include, but are not limited to, statements about the projected impact and benefits of the transactions described in this press release, including future financial and operating results, timing of closing, the company's plans, objectives, expectations and intentions and other statements that are not historical facts. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time.  Factors previously disclosed in our filings with the U.S. Securities and Exchange Commission (the "SEC") could cause actual results to differ materially from forward-looking statements or historical performance. Forward-looking statements speak only as of the date they are made, and Capital One assumes no duty to update forward-looking statements.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs