Best Buy Co. Inc. is shifting the management of its branded credit-card portfolio in Canada from Chase Canada to the Desjardins Group, a large financial cooperative.
The transition comes after it requested proposals for the business from Canadian financial firms. It will go into effect on April 15.
"We have a long history of partnering with financial institutions to provide our branded credit card portfolio," Jeff Haydock, a spokesman for the Richfield-based retailer, said in a statement.
Montreal-based Desjardins will handle the credit card business for Best Buy's two retailers in Canada — one under its namesake brand and another under the Future Shop name — as well as in-store financing.
Best Buy entered the Canadian market in 2011 and now operates about 260 stores there. In 2013, Citigroup bought Best Buy's branded credit card operation in the U.S. from Capital One.