Capital One completes sale of Best Buy credit-card accounts

Published September 9, 2013 by Robert Powell, III

McLean-based Capital One Financial Corp. has completed the sale of its Best Buy credit-card accounts to Citibank.

Terms of the deal were not announced, but Citibank has said the portfolio has more than $6 billion in receivables.

With the end of that deal, Capital One said it soon may begin a previously announced $1 billion share repurchase program.

The company said the timing and exact amount of repurchases will depend on a number of factors, including market conditions, the company’s capital position and internal capital generation.

The repurchase program may be executed through open market purchases or privately negotiated deals.

Capital One’s subsidiaries had $209.9 billion in deposits and $296.5 billion in total assets as of June 30.

It has more than 900 branches, primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia.