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Capital One Financial Corp Announces Share Repurchase Plan


Tuesday, 2 Jul 2013 07:30am EDT 

Capital One Financial Corp announced that the Board of Directors has authorized the repurchase of up to $1 billion of shares of Capital One common stock, subject to the closing of the previously announced sale by Capital One of portfolio of Best Buy private label and co-branded credit card accounts. The Federal Reserve has informed Capital One that, contingent on the closing of the Best Buy Portfolio sale, Capital One may repurchase the shares through March 31, 2014. Capital One expects the sale of the Best Buy portfolio to be completed in the third quarter of 2013. The timing and exact amount of any Capital One common stock repurchases will depend on various factors, including the closing of Capital One's sale of the Best Buy portfolio, market conditions, Capital One's capital position, and internal capital generation. Capital One's share repurchase program does not include specific price targets, may be executed through open market purchases or privately negotiated transactions, including utilizing Rule 10b5-1 programs, and may be suspended at any time. 

Company Quote

81.65
-0.75 -0.91%
4:02pm EDT