Citigroup Will Take Over Best Buy Cards From Capital One
This article is for subscribers only.
Citigroup Inc. agreed to take over the Best Buy Co. credit-card business from Capital One Financial Corp. as Chief Executive Officer Michael Corbat boosts the size of a business he once sought to sell.
The deal allows Citigroup to issue and manage Best Buy cards in the U.S. and gives the New York-based bank a loan portfolio with balances of about $7 billion, according to a statement today from McLean, Virginia-based Capital One. The price wasn’t disclosed. The deal covers Best Buy’s house brand of cards, which can be used only in its stores, as well as MasterCards bearing Best Buy’s name that can be used anywhere.