Industries Banking/Finance

Capital One to sell Best Buy credit cards

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Capital One Financial Corp. announced Tuesday that it has reached an agreement to sell its Bet Buy co-branded and private label credit card accounts to Citi.

The sale of the credit card accounts, with loan balances of about $7 billion, is expected to occur in the third quarter of 2013. Capital One expects that proceeds will be close to the book value of the accounts, and will result without a gain or loss.

Capital One and Best Buy also have agreed to end their contractual relationship early.

Financial terms of the transaction were not disclosed.

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