8/31/2009-In an effort to curb losses stemming from credit card defaults and reorganize itself in the wake of a highly criticized government lifeline, Citigroup (NYSE:C) today announced the sale of $1.3 billion in credit card assets. The deal marks the investment bank's closure of an entire ownership in three North American partner credit card portfolios. Terms of the deal weren't disclosed. While Citi will continue to operate and service the portfolios through the first half of 2010, they will be assumed by the acquirer at the end of that period. The company made this statement in its press release, "The sale of these card portfolios is consistent with Citi's strategy to optimize the assets and businesses within Citi Holdings while working to generate long-term profitability and growth from Citicorp, which comprises its core franchise."

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