Apparel retailer Cabela's to sell World Foremost Bank

Outdoor apparel retailer Cabela’s Incorporated has entered into agreements with Synovus Bank and Capital One for the sale of assets and liabilities of its wholly owned subsidiary, World’s Foremost Bank. Synovus Bank will acquire certain assets and assume certain liabilities of the bank, including deposits totalling approximately $1.2 billion.

The outdoor retailer sells goods for fishing, hunting and shooting - Cabela

Following the completion of the sale of the bank’s assets and liabilities, Synovus will sell the World’s Foremost Bank's credit card assets and related liabilities to Capital One.

Capital One will be the exclusive issuing partner of Cabela's branded Club Visa programme pursuant to a 10-year programme agreement.

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