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FEB 19, 2013 - TheStreet

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Citigroup Acquisition May Signal More to Come

NEW YORK (TheStreet) -- Citigroup's acquisition of a $7 billion portfolio of Best Buy credit card receivables from Capital One Financial may be surprising, given the bank's strategy of cutting costs and returning capital to shareholders. But acquisitions are one way the bank can boost profits to capture its massive $55 billion deferred tax asset (DTA) before it expires. As part of the deal announced Tuesday, Citigroup will also issue and manage Best Buy-branded cards in the U.S. The price wasn't disclosed. The transaction, expected to close in the third quarter, won't materially affect ... Read More

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