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.