Capital One, a subsidiary of Capital One Financial Corp. of McLean, Virginia (COF). said it closed the acquisition of the Hudson's Bay Company credit card portfolio and related assets from GE Capital Retail Finance. The deal was first announced on November 9, 2010.
The acquired portfolio includes outstanding receivables of approximately $1.3 billion, and the transfer of approximately 400 employees directly involved in servicing the Hudson's Bay Company's financial services business from the previous issuer to Capital One.
"We are continually looking for ways to broaden our card product offerings for consumers and expand the breadth of services we can provide to our partners." said Rob Livingston, President, Capital One Canada.
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