Citi sells retail sales finance portfolio to GE Capital
Retail partners include The Home Depot, Shell, Macy's, Sears and ExxonMobil, among others.
Citi has completed the sale of its $1.6bn US retail sales finance portfolios to GE Capital, reducing its assets in its Citi Holdings.
Citi said that it will continue to pursue opportunities within Citi Holdings that create value for stakeholders.
Retail Partner Cards, within Citi Holdings, provides consumer and commercial credit card products and services, including private label credit cards, for national and regional retailers across the US.
According to the Citi, the business services more than 40 million customers and consists of managed assets of $50bn. Retail partners include The Home Depot, Shell, Macy's, Sears and ExxonMobil, among others.
Citi Retail Partner Cards CEO Bill Johnson said that selling these assets enables them to streamline the strategic operating model, including bank legal vehicles and operating platforms, for the Retail Partner Cards business.
"Going forward, we are better positioned for future growth as we continue to partner with premier brand retailers across a broad spectrum of industries and retailing specialties," Johnson said.