Capital One Banking Corp. said it agreed to advertise to Citigroup Inc. its $7 billion portfolio of clandestine characterization and co-branded acclaim agenda accounts affiliated to electronics banker Best Buy Co.
Capital One, which is amid the better acclaim agenda issuers in the United States, said there would be no cogent accretion or accident on the transaction. It did not acknowledge the affairs price.
Private characterization cards are frequently alleged abundance cards that can be acclimated alone at that retailer. Co-branded cards can about be acclimated elsewhere.
Separately, Citigroup said it would affair and administer Best Buy acclaim cards in the United States in a accord that would not affect its balance this year materially.
The affairs are accepted to aing in the third quarter, Citigroup said.
Citigroup’s cards analysis for food has appear a abounding amphitheater back the banking crisis. The coffer had initially planned to advertise the assemblage but absitively to accumulate it afterwards accident ante on the cards fell.
Citi’s banker cards business now casework 90 actor accounts for chains such as The Home Depot Inc., Macy’s Inc. and Sears Holdings Corp.
Capital One’s shares were bottomward 1 percent at $53.61 on the New York Banal Exchange on Tuesday. Citi’s banal was up 1 percent ay $44.47.
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