Citigroup Inc. said Monday afternoon that it sold three credit card portfolios representing about $1.3 billion of managed assets from Citi Holdings, its dumping ground for unwanted assets.

The buyer was U.S. Bancorp, according to industry members with knowledge of the transaction, who identified the assets as the card portfolios for KeyCorp and Associated Banc-Corp, which Citi issues as an agent bank, and the affinity card for the American Dental Association.

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