Citigroup Inc. announced Monday that it has reached an agreement to sell its Canadian MasterCard business to the Canadian Imperial Bank of Commerce.
Terms were not disclosed, but Citi said the transaction would not have a material impact on net income or capital ratios. The business had been among those assigned to Citi Holdings, the division housing the assets that Citi hopes to wind down or dispose of. Citi said the sale will reduce the assets in Citi Holdings by $2 billion (Canadian), or about $1.94 billion in U.S. dollars.
The deal is expected to be finalized by Oct. 31.