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Citigroup Inc. Message Board

  • cchaker cchaker Feb 20, 2013 3:57 PM Flag

    CITI inks with Best Buy.

    Citigroup Inc. (C) declared that it has entered into a strategic agreement with Best Buy Co., Inc. (BBY) to issue as well as manage cards under the latter’s brand in the U.S. The deal constitutes Best Buy’s home brand of cards, which can be used only in its flagship stores, along with Mastercard Incorporated’s (MA) cards bearing Best Buy’s symbol, which can be used for all purchases. Additionally, Citi inked a deal with Capital One Financial Corp. (COF) to acquire roughly $7 billion of Best Buy’s private label and its card loan portfolio. The aforementioned agreements are expected to be completed in the third quarter of 2013, subject to customary closing conditions. However, Citi does not expect the transactions to have a material impact on its 2013 earnings. Citigroup's cards segment, Citi Retail Services, has returned to its earlier glory following the financial crisis in 2008. Thus, the bank turned round from its earlier intention to sale the assets

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