Jan 11 , 2011
Capital One acquisition extends brand in Canadian credit, loyalty
TORONTO--Capital One announced that it has completed the acquisition of the Hudson's Bay Company credit card portfolio and related assets from GE Capital Retail Finance, first announced on November 9, 2010, thereby almost tripling the number of customer accounts serviced by Capital One Canada.
"This acquisition, and our strategic partnership with the Hudson's Bay Company, fits well within our overall growth strategy as we continue to expand our distribution channels and grow our customer base in Canada," said Rob Livingston, President, Capital One Canada. "We are continually looking for ways to broaden our card product offerings for consumers and expand the breadth of services we can provide to our partners."
The acquired portfolio includes outstanding receivables of approximately $1.3 billion, and the transfer of approximately 400 employees directly involved in servicing the Hudson's Bay Company's financial services business from the previous issuer to Capital One.
"We are very proud to have the opportunity to work with the Hudson's Bay Company. Our goal is to carry on the great traditions of quality and service that are synonymous with this company, by providing innovative card products and services," said Ian Cunningham, Chief Marketing Officer, Capital One Canada. "We are committed to delivering exceptional value and service to the loyal customers of the Hudson's Bay Company."