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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