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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
04/26/201617:00:00Capital One Profit Drops on Higher Provision for Credit Losses
04/26/201616:52:00Capital One Profit Drops on Higher Provision for Credit Losses
04/26/201616:05:00Capital One Reports First Quarter 2016 Net Income of $1.0 billion...
04/22/201609:38:00Capital One named one of Canada's Best Workplaces for the third...
04/17/201612:00:00Capital One, Fifth Third, PNC, TD, and Wells Fargo Invest in...
03/24/201609:00:00Capital One Financial Corporation to Webcast Conference Call...
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03/10/201614:40:00CreditWise from Capital One Now Available to Everyone
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03/03/201610:34:00Capital One Named on the 2016 Fortune 100 Best Companies to Work...
03/03/201607:00:00Many Americans are Prioritizing Travel and Weight Loss over Growing...
02/26/201610:30:00Tom Killalea to Join the Capital One Board of Directors
02/25/201618:19:40CAPITAL ONE(R) RACE FOR KIDS(TM) SET FOR SPRING 2016
02/23/201610:20:00Amazon Pitches Its Cloud Computing to Big Banks
02/23/201609:00:00Capital One And Helzberg Diamonds Announce Extended Contract...
02/17/201616:26:00Capital One's Board of Directors Authorizes the Repurchase of...
02/03/201617:24:00Capital One Announces Quarterly Dividend
01/26/201618:23:00Capital One Profit Falls -- Update
01/26/201618:07:00Correction to Capital One Earnings Story

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