MCLEAN, Va. and TORONTO, Dec. 4, 2014 /CNW/ -- Capital One Financial Corporation (NYSE: COF) and Hudson's Bay Company (TSX: HBC) today announced a new credit card program agreement between Capital One, Hudson's Bay and Saks Fifth Avenue, with the planned addition of the Lord & Taylor credit card program in June 2015, subject to certain closing conditions.
With this agreement, Capital One will be HBC's exclusive issuer for both private label and co-branded credit cards at all HBC-owned retailers, including Hudson's Bay, Saks Fifth Avenue, OFF 5TH and Home Outfitters. The new brand alignment will provide customers with flexible payment options and will facilitate a more consistent experience across HBC's retail stores.
Capital One's continued partnership with HBC reinforces Capital One's commitment to building its credit card partnership business. "We're extending this partnership with HBC because our companies share a deeply rooted commitment to delivering the very best experience for our customers," said Jimmy Cannon, EVP, Card Partnerships. "We're looking forward to continuing this relationship and growing our business with HBC."
"HBC is pleased to build on our partnership with Capital One and is excited about the anticipated inclusion of Lord & Taylor in June 2015," said Jim Coggin Jr., SVP, Credit Operations & Facilities, HBC. "HBC is dedicated to providing an exceptional shopping experience in our stores. Our branded credit cards are part of that experience and, building on the success we have had thus far, we are pleased Capital One will continue to deliver this service to our customers."
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N. A., had $204.3 billion in deposits and $300.2 billion in total assets as of September 30, 2014. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has approximately 900 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.
About Hudson's Bay Company
Hudson's Bay Company, founded in 1670, is North America's longest continually operated company. Today, HBC offers customers a range of retailing categories and shopping experiences primarily in the United States and Canada. Our leading banners – Hudson's Bay, Lord & Taylor, Saks Fifth Avenue and Saks Fifth Avenue OFF 5TH – offer a compelling assortment of apparel, accessories, shoes, beauty and home merchandise. Hudson's Bay is Canada's most prominent department store with 90 full-line locations, two outlet stores and thebay.com. Lord & Taylor operates 50 full-line locations primarily in the northeastern and mid-Atlantic U.S., four Lord & Taylor outlet locations and lordandtaylor.com. Saks Fifth Avenue, one of the world's pre-eminent luxury specialty retailers, comprises 39 U.S. stores, five international licensed stores and saks.com. OFF 5TH offers value-oriented merchandise through 80 U.S. stores and saksoff5th.com. Home Outfitters is Canada's largest kitchen, bed and bath specialty superstore with 69 locations. Hudson's Bay Company trades on the Toronto Stock Exchange under the symbol "HBC".
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SOURCE Capital One Financial Corporation