Credit/Debit Cards

Citi completes takeover of Best Buy U.S. credit card portfolio

CitiCiti announced on Monday the successful completion of its acquisition of Best Buy’s $6 billion U.S. credit card portfolio from Capital One and the conversion of the portfolio to the company’s systems.

“Executing a conversion of this size in less than seven months is unheard of in the industry,” Citi Retail Services CEO Bill Johnson said. “The success of this endeavor speaks not only to the value we place on Best Buy as a client, but to the commitment and expertise of our people.”

The acquisition was originally announced in February, but Citi said it does not expect the agreement or the acquisition to affect its earnings for the year.

“The transition of Best Buy’s card portfolio to Citi Retail Services reflects our determination to provide outstanding service and financing offers for our customers,” Mark Williams, the president of Best Buy Financial Services, said. “As part of this transition Best Buy will also be able to further strengthen our customer loyalty program – which is already among the largest and best programs of its kind.”

Citi Retail Services currently services accounts for a number of brands, including The Home Depot, Shell, ExxonMobil, Macy’s and Sears.

Last month, Minneapolis-based Best Buy reported second-quarter earnings of $266 million on $9.3 billion in revenue, New York Business Journal reports.

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