Synchrony Financial Spinoff: Private Label Credit Cards Come Full Circle
Last year, Citigroup Inc (NYSE:C) bought up Capital One Financial Corp. (NYSE:COF)’s $7 billion Best Buy card portfolio for an undisclosed price; though the parties to the transaction said it was struck at book value. The deal was particularly notable for the sea change in Citigroup’s view on private-label credit cards as a business.
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