In an effort to continue its focus on core operations, Citigroup has sold its interest in three North American partner credit card portfolios, representing about $1.3 billion in managed assets reported NASDAQ.
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According to the company, the move is in line with its strategy to consolidate or sell businesses in its Citi Holdings segment, while working to generate long-term profitability and growth from Citicorp.
Until the acquirer takes over, Citigroup will continue to service the portfolios through the first half of 2009, added the news source.
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By GlobalDataThe US government is the bank’s largest shareholder, holding approximately 34% stake.
The credit card portfolios were part of Citi Holdings. Terms of the deals were not yet disclosed.
