Credit card business no longer part of Citigroup?



image On Monday Citi reported that it sold three credit card portfolios representing $1.3 billion in managed assets, as part of a plan to unload weak businesses and troubled assets that caused huge losses. The company did not disclose the names of the buyers.

With no details of the deal Citi said that it will continue to service the portfolios through the first half of 2010.

The card portfolios were part of Citi Holdings, a division that includes assets the company is looking to shed or close over time.

In January, Citigroup — hurt by mounting losses and toxic assets — decided to separate into Citicorp, housing its key banking business, and Citi Holdings, which included its brokerage, consumer finance, and troubled assets.




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