Citigroup Inc. announced it has sold $1.6 billion of retail credit-card assets to General Electric Co. as the banking giant continues to shed noncore holdings.

The deal comes after last month's announcement to sell 80%-owned Student Loan Corp. to Discover Financial Services as part of a $600 million transaction.

Terms of the GE deal weren't disclosed.

Citi's retail credit-card business manages such offerings for companies like Home Depot Inc. and Exxon Mobil Corp. It has more than 40 million customers and $50 billion of assets.

Citi shares were up 3 cents premarket at $4.16.

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