Retail Partner Cards streamlines U.S. portfolio.
By Citi October 08, 2010 05:15 PM
This week, Citi Retail Partner Cards announced the sale of $1.6 billion in managed assets. The assets were part of its U.S. retail sales finance portfolio, which serves small to mid-sized retailers and dealers primarily in the home furnishings, flooring, and heating, ventilation and air conditioning (HVAC) industries.
While Retail Partner Cards will continue to serve retailers with sales finance programs, this was a strategic sale for operational purposes that allows the business to increase efficiencies by eliminating a data processing platform and as Retail Partner Cards CEO Bill Johnson notes, "be better positioned for future growth."
Retail Partner Cards provides consumer and commercial credit card products and services, including private label credit cards, for national and regional retailers across the U.S., including The Home Depot, Shell, Macy's, Sears and ExxonMobil, among others. The business services more than 40 million customers and consists of managed assets of approximately $50 billion.
For Citi, the sale reduces assets in Citi Holdings, Citi's portfolio of non-core operating businesses and assets, while streamlining Retail Partner Cards' U.S. portfolio as they continue to partner with premier brand retailers across a broad spectrum of industries and retailing specialties.
More information on the transaction can be found here.