Citi Announces U.S. Credit Card Agreement with Best Buy

  Citi Announces U.S. Credit Card Agreement with Best Buy

    Citi to Acquire $7 Billion of Credit Card Receivables from Capital One

     Agreements Expand Citi Retail Services’ Position as a Market Leader

Business Wire

NEW YORK -- February 19, 2013

Citigroup today announced that it will enter into a strategic agreement with
Best Buy to issue and manage Best Buy-branded cards in the United States. In
addition, Citi also reached an agreement with Capital One Financial Corp. to
acquire approximately $7 billion of Best Buy private label and co-branded card
loans. Both deals are anticipated to close in the third quarter of 2013
subject to customary conditions. Citi does not currently expect the impact of
the transactions to be material to its earnings in 2013.

“This will add another premier retail franchise and high-quality card
portfolio to Citi Retail Services and significantly expand our already strong
position as a market leader in North America,” said Bill Johnson, CEO of Citi
Retail Services. “Best Buy is the leader in consumer electronics and we are
excited to partner with them. We look forward to leveraging Citi’s
capabilities and expertise to grow and enhance Best Buy’s relationships with
their loyal and valued customers.”

Citi Retail Services provides consumer and commercial credit card products,
services, and retail solutions to national and regional retailers across North
America. The business services nearly 90 million accounts for a number of
iconic brands, including The Home Depot, Macy’s, Sears, Shell, and ExxonMobil.


Citi, the leading global bank, has approximately 200 million customer accounts
and does business in more than 160 countries and jurisdictions. Citi provides
consumers, corporations, governments and institutions with a broad range of
financial products and services, including consumer banking and credit,
corporate and investment banking, securities brokerage, transaction services,
and wealth management.

Certain statements in this release, including the entry of the strategic
agreement with Best Buy, the closing of the Best Buy and Capital One Financial
transactions and the impact of the transactions on Citi’s 2013 earnings, are
“forward-looking statements” within the meaning of the rules and regulations
of the U.S. Securities and Exchange Commission. These statements are based on
management’s current expectations and are subject to uncertainty and changes
in circumstances. Actual results and other financial conditions may differ
materially from those included in these statements due to a variety of
factors, including but not limited to the precautionary statements included in
this document, such as completion of the transactions, including satisfaction
of applicable closing conditions for the transactions. More information about
these factors and other factors that may affect Citi’s future results is
contained in Citi’s filings with the U.S. Securities and Exchange Commission,
including without limitation the “Risk Factors” section of Citi’s 2011 Annual
Report on Form 10-K. Precautionary statements included in such filings should
be read in conjunction with this document.

Additional information may be found at | Twitter: @Citi |
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Mark Costiglio, 212-559-4114
Andrew Brent, 212-559-1299
Susan Kendall, 212-793-1298
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