Citi Sells U.S. Retail Sales Finance Portfolios for $1.6B

Citi C today announced the closing of the sale of $1.6 billion in managed assets, part of its U.S. retail sales finance portfolios, to GE Capital GE. The assets were part of Citi Holdings. Terms of the deal, which has received regulatory approval, were not disclosed. This transaction will reduce assets by $1.6 billion in Citi Holdings, Citi's portfolio of non-core operating businesses and assets, and builds on the progress made to date to reduce assets in an economically rational manner. Citi continues to pursue opportunities within Citi Holdings that create the most value for stakeholders.