The sale of this card portfolio is a part of Citi’s strategy to reduce the assets in Citi Holdings, while working to generate long-term profitability and growth from Citicorp, which comprises its core franchise.
Citi has said that this transaction does not impact Egg, the Citibank retail banking network in the UK, or commercial cards clients of Citi’s global transaction services business.
However, during the migration, Citi will continue to provide customer servicing facilities for the 539,000 accounts transferred in the transaction.
