The company has sold its credit card business, which is co-branded with Hilton hotels, to American Express.
Citigroup Inc has disclosed that it expects a record a $150 million pretax gain on the sale of its $1.2 billion credit card portfolio which is co-branded with Hilton hotels, to American Express Co.
The disclosure by Citigroup was made in its quarterly filing.
American Express is set to take over the issuing of all of its Hilton co-branded cards.
Citigroup said the sale is expected to close in the first quarter and that the gain “approximates one year of revenues from the portfolio.”