Capital One Financial Corp. has revealed its plan to sell its buy card portfolio worth of $7 billion to Citigroup Inc. The portfolio covers private label and co-branded credit card accounts associated with retailer Best Buy Co. Inc.
One of the largest issuers of credit cards in the U.S., Capital One said that the sale of its portfolio does not affect its gain and losses. On the other hand, Citigroup said that it plans to issue and organize credit cards linked to Best Buy in the country without affecting its yearly earnings.
Meanwhile, information on the price of the deal is still not disclosed by either party.
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