MCLEAN, Va.--(BUSINESS WIRE)--Sep. 9, 2013--
Capital One Financial Corporation (NYSE:COF) announced today that it has
ended its contractual credit card relationship with Best Buy, and
completed the previously announced sale of the related portfolio of Best
private label and co-branded credit card accounts to Citi.
With the completion of the sale, Capital One may begin executing its
previously announced $1 billion share repurchase program. The timing and
exact amount of any Capital One common stock repurchases will depend on
various factors, including market conditions, Capital One's capital
position, and internal capital generation. Capital One's share
repurchase program does not include specific price targets, may be
executed through open market purchases or privately negotiated
transactions, including utilizing Rule 10b5-1 programs, and may be
suspended at any time.
Forward Looking Statements
Certain statements in this release are forward-looking statements, which
involve a number of risks and uncertainties. Capital One cautions
readers that any forward-looking information is not a guarantee of
future performance and that actual results could differ materially from
those contained in the forward-looking information due to a number of
factors, including those listed from time to time in reports that
Capital One files with the Securities and Exchange Commission,
including, but not limited to, the Annual Report on Form 10-K for the
year ended December 31, 2012.
About Capital One
Capital One Financial Corporation (www.capitalone.com)
is a financial holding company whose subsidiaries, which include Capital
One, N.A., and Capital One Bank (USA), N. A., had $209.9 billion in
deposits and $296.5 billion in total assets as of June 30, 2013.
Headquartered in McLean, Virginia, COF offers a broad spectrum of
financial products and services to consumers, small businesses and
commercial clients through a variety of channels. Capital One, N.A. has
more than 900 branch locations primarily in New York, New Jersey, Texas,
Louisiana, Maryland, Virginia and the District of Columbia. A Fortune
500 company, COF trades on the New York Stock Exchange under the symbol
“COF” and is included in the S&P 100 index.
Source: Capital One Financial Corporation
Capital One Financial Corporation
Danielle Dietz, 703-720-2455
Tatiana Stead, 703-720-2352