People’s Bank, the Connecticut thrift whose position as the 16th-largest U.S. bank card issuer is somewhat anomalous in the age of mega-issuers, said it sold its United Kingdom credit card portfolio to Citibank because the operation had outgrown its ability to manage it.

The deal, which closed Friday morning, transferred People’s Bank’s U.K. card business — $436 million of receivables and 250 employees — to the Citibank International PLC subsidiary of Citigroup Inc. Citi paid $526 million for the assets, and People’s Bank, of Bridgeport, says it will take away $70 million pretax from the deal, which will be recognized in the second quarter.

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