First Annapolis advises Best Buy on Transition of its U.S. Credit Card Portfolio to Citi
NEW YORK (BUSINESS WIRE) – Citigroup announced that it will enter into a strategic agreement with Best Buy to issue and manage Best Buy-branded cards in the United States. In addition, Citi also reached an agreement with Capital One Financial Corp. to acquire approximately $7 billion of Best Buy private label and co-branded card loans. Both deals are anticipated to close in the third quarter of 2013 subject to customary conditions. Citi does not currently expect the impact of the transactions to be material to its earnings in 2013.
“Best Buy is the leader in consumer electronics and we are excited to partner with them. We look forward to leveraging Citi’s capabilities and expertise to grow and enhance Best Buy’s relationships with their loyal and valued customers,” said Bill Johnson, CEO of Citi Retail Services.
First Annapolis Consulting, Inc. served as advisor to Best Buy Co., Inc.
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