Cabela’s has agreed to sell its banking business to Columbus, Georgia-based financial services company Synovus Financial Corp. Cabela’s financial subsidiary is called World’s Foremost Bank.

The deal is a two-step process under which Synovus will acquire World’s Foremost Bank and retain $1.2 billion in deposits, then sell the bank’s credit card business to McLean, Virginia-based Capital One. Synovus will keep the bank’s deposits.

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