Arab Today, arab today capital one sells best buy credit card portfolio to citigroup
Last Updated : GMT 21:48:36
Arab Today, arab today
Arab Today, arab today

Capital One sells Best Buy credit card portfolio to Citigroup

Arab Today, arab today

Arab Today, arab today Capital One sells Best Buy credit card portfolio to Citigroup

Washington - Agencies

Capital One Financial, the nation’s third-largest issuer of store branded plastic, said Monday it agreed to sell its portfolio of Best Buy credit card accounts to Citigroup, just two years after buying it. The move took some bank analysts by surprise because Capital One had recently been bulking up its store card business. Officials at Capital One declined to provide details about the decision. The McLean-based financial firm also did not disclose the sales price, but said that the value of the Best Buy accounts is $7 billion. Capital One said there would be no significant gain or loss on the transaction, which it anticipates will close in the third quarter. Capital One’s stock fell about 1.7 percent in regular trading Monday. Just two years ago, Capitol One leap-frogged to the forefront of the store card business with the $2.6 billion purchase of HSBC’s U.S. credit card portfolio, which contained 23 retail partnerships including the Best Buy portfolio. “It caught us by surprise because a big part of Capital One’s story was buying [the HSBC] portfolio, and they’ve sold a pretty big piece of it,” said Sanjay Sakjrani, an analyst with Keefe Bruyette & Woods. “From what we’ve heard from Capital One, strategically it seems the two parties had a difference of opinion and felt it was best to terminate the contractual obligation.” Capitol One made its foray into the store-branded credit business in January 2011 by snagging the credit card portfolio of Canadian retail conglomerate Hudson’s Bay. That deal was followed up four months later with the acquisition of Kohl’s department stores’s card portfolio, which gave Capital One more than 20 million accounts and the right to issue cards to Kohl’s customers.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today capital one sells best buy credit card portfolio to citigroup Arab Today, arab today capital one sells best buy credit card portfolio to citigroup

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today capital one sells best buy credit card portfolio to citigroup Arab Today, arab today capital one sells best buy credit card portfolio to citigroup

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today US travel restrictions are still 'Muslim ban'

GMT 00:54 2017 Tuesday ,26 September

US travel restrictions are still 'Muslim ban'
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel builds settlements 'at high rate'

GMT 01:04 2017 Tuesday ,26 September

Israel builds settlements 'at high rate'
Arab Today, arab today Saudi clerics use Twitter, textbooks

GMT 10:13 2017 Tuesday ,26 September

Saudi clerics use Twitter, textbooks
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Personality study finds fish have hidden depths

GMT 00:43 2017 Tuesday ,26 September

Personality study finds fish have hidden depths
Arab Today, arab today China refuses visa to elderly India runner

GMT 15:01 2017 Tuesday ,26 September

China refuses visa to elderly India runner
Arab Today, arab today UAE to open its first nuclear reactor in 2018

GMT 19:11 2017 Tuesday ,26 September

UAE to open its first nuclear reactor in 2018
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Chevrolet's first 9-speed auto debuts

GMT 18:58 2017 Monday ,25 September

Chevrolet's first 9-speed auto debuts
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Mai Kassab happy for participating in new film

GMT 09:33 2017 Friday ,22 September

Mai Kassab happy for participating in new film
Arab Today, arab today Botanical gardens a lifeboat

GMT 02:50 2017 Tuesday ,26 September

Botanical gardens a lifeboat

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 16:08 2017 Monday ,25 September

'World's heaviest woman' dies

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday