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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
07/02/201516:44:18Statement of Changes in Beneficial Ownership (4)
06/29/201516:20:59Statement of Changes in Beneficial Ownership (4)
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06/25/201517:14:24Statement of Changes in Beneficial Ownership (4)
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06/22/201512:15:11Annual Report of Employee Stock Plans (11-k)
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06/15/201516:27:02Statement of Changes in Beneficial Ownership (4)
06/15/201506:01:36Current Report Filing (8-k)
06/12/201516:09:37Statement of Changes in Beneficial Ownership (4)
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06/11/201509:30:00Treasury Management Team Launches Capital One Escrow Express(SM)
06/10/201508:55:00Capital One Home Loans Launches Online Learning Center For First-time...
06/10/201506:01:36Current Report Filing (8-k)
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