Citigroup Inc. (C) Tuesday said it has reached agreement with Capital One Financial Corp. to acquire approximately $7 billion of Best Buy private label and co-branded card loans. Citi also announced agreement with Best Buy to issue and manage Best Buy-branded cards in the U.S.
The transaction adds another premier retail franchise and high-quality card portfolio to Citi Retail Services, significantly strengthening Citi's position in North America.
Both deals are anticipated to close in the third quarter of 2013 subject to customary conditions.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.