Citi selling $1.6B retail credit card assets to GE

By Associated Press
Posted Oct. 6, 2010 at 11:26 a.m.

Citigroup is selling $1.6 billion in retail credit card assets to GE Capital as the bank continues to shed smaller businesses to focus on its core consumer banking operations.

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. Citi recently said it was exiting the private student loan business and sold its Japanese brokerage.

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