Citigroup is looking to retain its private-label credit card arm, Financial Times reports. The U.S. bank intends to shift the unit out of Citi Holdings. Citi will sell the division after offloading its consumer lending unit OneMain Financial and additional assets under holdings.
The bank was planning to dispose the $41 billion business due to the financial crisis. Improving credit conditions, doubt over the stance for retail banking and competition posed by HSBC selling its U.S. credit card unit have driven Citi to reconsider the sale. Citi had divested $1.6 billion of the unit’s assets to GE in 2010.
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