McLean, Va. -- Capital One Financial Corp. said Tuesday that it will sell off its Best Buy portfolio of private-label and co-branded credit card accounts. Current loan balances total about $7 billion.
The pair is severing their ties earlier than expected – the break-even sale of the portfolio to Citi is expected to finalize in third quarter 2013.
"We have a proven, scale partnerships infrastructure and a great portfolio of partners," said Bill Cilluffo, EVP, card partnerships, Capital One. "Our partnerships business continues to deliver strong contributions to our results and serves as a platform for future growth potential.”