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Capital One Canada To Buy Hudson's Bay Credit-Card Portfolio

DOW JONES NEWSWIRES Capital One Financial Corp.'s (COF) Capital One Canada unit has agreed to acquire and service GE Capital Retail Finance's Hudson's Bay Co. credit-card portfolio and related assets, with outstanding receivables of about C$1.3 billion. Terms weren't disclosed. Capital One Canada and GE Capital Retail, the consumer lending unit of General Electric Co. (GE), said the deal will see the transfer to Capital One Canada of about 400 GE employees involved in the Hudson's Bay financial-services business. They will continue to work on the Hudson's Bay credit-card portfolio at locations in Toronto and Montreal. Hudson's Bay, Canada's oldest commercial operation, operates department stores under several banners. It's owned by Hudson's Bay Trading Co., which is in turn owned by private-equity firm NRDC Equity partners. Capital One Canada said it will aim to strengthen the Canadian retailer's credit and loyalty portfolio. The Canadian market wasn't a strategic one for the GE unit, the companies said. -By Carolyn King, Dow Jones Newswires; 416-306-2100; carolyn.m.king@dowjones.com

Stock News for Capital One (COF)
DateTimeHeadline
07/23/201603:03:00Consumer Bet Gets Riskier -- WSJ
07/22/201617:42:00Banks' Bet on Consumers is Getting Riskier
07/22/201609:44:00U.S. Hot Stocks: Hot Stocks to Watch
07/21/201619:10:00Capital One Profit Rises But Lags Wall Street View
07/21/201619:00:00Capital One Profit Rises But Lags Wall Street View
07/21/201616:05:00Capital One Reports Second Quarter 2016 Net Income of $942 million...
07/21/201616:01:48Current Report Filing (8-k)
07/20/201617:00:00AmEx Profit Rises on Gain Tied to Costco Portfolio Sale
07/15/201606:02:29Current Report Filing (8-k)
07/14/201615:15:00Wallet War: Banks, Stores Slug It Out With Phone-Pay Apps
07/01/201612:45:00Capital One Financial Corporation to Webcast Conference Call...
06/29/201616:41:22Current Report Filing (8-k)
06/29/201616:37:00Capital One's CCAR Capital Plan Receives No Objection from the...
06/24/201616:30:38Statement of Changes in Beneficial Ownership (4)
06/23/201617:13:37Current Report Filing (8-k)
06/20/201615:21:23Annual Report of Employee Stock Plans (11-k)
06/17/201607:00:00Capital One Investing Advisor Connect Offers Unbiased Investment...
06/15/201606:02:59Current Report Filing (8-k)
06/15/201606:02:26Current Report Filing (8-k)
06/15/201603:02:00Cracks Show in Consumer Credit -- WSJ

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