Citi selling $1.6B in retail credit card assets to GE Capital as it sheds smaller businesses
By APWednesday, October 6, 2010
Citi selling $1.6B retail credit card assets to GE
NEW YORK — Citigroup is selling $1.6 billion in retail consumer finance assets to GE Capital as the bank continues to shed smaller assets to focus on its core consumer banking operations.
The assets are part of Citi’s $50 billion retail partner cards business. The assets being sold to GE Capital are linked with small to mid-sized merchants in the home furnishings, flooring, consumer electronics and heating, ventilation and air conditioning industries across the U.S.
The New York-based bank, which was one of the top recipients of federal bailout aid, is restructuring operations as it recovers from the recession and credit crisis.
Terms of the deal with General Electric Co.’s financing arm were not disclosed.
(This version CORRECTS that the sold assets don’t include credit cards with Home Depot, Sears, Macys, Shell, ExxonMobil and other large retailers. Clarifies the markets that the sold assets service.)
