Capital One Financial Corporation (NYSE:COF) announced today that it has ended its contractual credit card relationship with Best Buy, and completed the previously announced sale of the related portfolio of Best Buy private label and co-branded credit card accounts to Citi.
With the completion of the sale, Capital One may begin executing its previously announced $1 billion share repurchase program. The timing and exact amount of any Capital One common stock repurchases will depend on various factors, including market conditions, Capital One's capital position, and internal capital generation. Capital One's share repurchase program does not include specific price targets, may be executed through open market purchases or privately negotiated transactions, including utilizing Rule 10b5-1 programs, and may be suspended at any time.
Forward Looking Statements
Certain statements in this release are forward-looking statements, which involve a number of risks and uncertainties. Capital One cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors, including those listed from time to time in reports that Capital One files with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2012.
About Capital One
Capital One Financial Corporation (
) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N. A., had $209.9 billion in deposits and $296.5 billion in total assets as of June 30, 2013. Headquartered in McLean, Virginia, COF offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has more than 900 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, COF trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.