Citigroup has agreed to acquire Brooks Brothers' credit card portfolio and issue cards on behalf of the clothing retailer.
Citi Retail Services will issue both private-label and co-branded credit cards for Brooks Brothers, according to a news release. Financial terms of the multiyear agreement were not disclosed.
Brooks Brothers also did not disclose the size of the card portfolio that it's selling nor the previous company that issued its credit cards.
Citigroup in March won the account to issue cobranded credit cards for Costco after the retailer ended a deal with American Express.