Citigroup selling Canadian MasterCard to CIBC; deal to reduce assets by $1.95 billion

Citigroup selling Canadian MasterCard

WASHINGTON — Citigroup is continuing to slim down by selling its Canadian MasterCard business.

The New York-based bank says the Canadian Imperial Bank of Commerce will buy the unit. It says the deal will reduce its assets by about $1.95 billion. Citi says the sale will not affect its profits or its capital ratios. Other financial terms were not disclosed.

Citi is selling off its peripheral businesses to focus on its core business of retail and commercial banking.

Analysts said Citi became too large before the financial crisis. They said that made it impossible to manage.

Citi expects the deal to close by October 31.