Citi (C) today announced an agreement to sell its Diners Club card issuing businesses in UK and Republic of Ireland to private investor group Affiniture Cards Ltd. (Affiniture).
Under the terms of the transaction, the group will acquire payment card accounts in these countries ensuring continuity and seamless service to cardholders during migration. The Affiniture management team has extensive experience in the cards and payments industry.
The transaction marks continued progress in Citi's strategy to reduce the assets and businesses within Citi Holdings, its portfolio of non-core operating businesses and assets, in an economically rational manner while working to generate long-term profitability and growth from Citicorp, its core franchise.
Terms of the deal are not disclosed.