Best Buy Canada, a wholly-owned subsidiary of multi-brand retailer Best Buy, has off-loaded its proprietary credit card portfolio to a Quebec-based financial cooperative Desjardins Group.
The deal will divest most outstanding loans and client accounts to Desjardins apart from letting the firm acquire the private-label credit card portfolios of both the Best Buy Canada and Future Shop.
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All Best Buy Canada and Future Shop stores across the nation will offer Desjardins’ financing product Accord D to power in-store purchases.
Best Buy Canada senior vice president Philippe Arrata said: "We pride ourselves on creating an unparalleled shopping experience in-store and online, and we’re thrilled to partner with Desjardins to offer their competitive financing solutions to our customers.
"We’re confident that the innovations produced by our companies will create a strong business relationship that will benefit our current and future cardholders most of all."
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