Citigroup (C)

Citigroup said Tuesday it is selling its Diners Club North America card business to Bank of Montreal. The deal gives BMO exclusive rights to issue Diners cards in the U.S. and Canada. Terms of the deal were not disclosed.
The sale is anticipated to reduce Citi's assets in Citi Holdings by approximately $1 billion and is not expected to have a material impact on Citi's net income or capital ratios. The transaction is expected to close by March 31, 2010 and is subject to regulatory approvals and customary closing conditions.

Nov 24 · 12:13:00 PM · Source: Company News
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by Larry Etter