* Unit, World's Foremost Bank, provides branded credit cards
* Unit had 2 mln accounts with about $5 bln in loans in 2015
* Synovus will keep the deposits held by the unit - source
* Synovus to resell credit-card portfolio to Capital One -
(Adds stock movement in extended trade)
March 29 Synovus Financial Corp will buy
the financial unit of outdoor goods retailer Cabela's Inc
, a source familiar with the matter told Reuters on
Synovus will keep the deposits held by the unit and resell
its credit-card portfolio to Capital One Financial Corp,
the source said.
The unit, called World's Foremost Bank, was supposed to be
bought by Capital One last year, but the deal wasn't able to get
timely regulatory approval.
The unit, which provides branded credit cards, had nearly 2
million accounts with about $5 billion in loans and $502 million
in revenue in 2015.
Cabela's in October last year agreed to be bought by rival
Bass Pro Shops in a deal valued at $5.5 billion, uniting two of
the country's largest hunting and fishing retailers.
Cabela's later said it would not be able to close its sale
to Bass Pro in the first half of this year, as originally
expected, because of approval delays.
The Federal Trade Commission, which regulates and enforces
antitrust laws, had also sought more information from the
companies about the deal.
Cabela's, which derives a significant amount of its business
from gun sales, attributed part of its 2016 challenges to the
delayed effects of a slow-down in gun sales following a shooting
attack San Bernardino, California.
The hunting gun industry has been experiencing steep swings
in sales amid uncertainty around gun law changes.
Cabela's stock, which has fallen more than 20 percent since
the beginning of the year, were down 2.4 percent at $50.80 in
extended trade on Thursday.
Columbus, Georgia-based Synovus Financial's shares closed at
$39.84 on the New York Stock Exchange.
The Wall Street Journal first reported news of the
(Reporting by Nikhil Subba in Bengaluru and Lauren Hirsch in
New York; Editing by Maju Samuel and Shounak Dasgupta)