February 29, 2016 / 2:26 PM / 2 years ago

AmEx to close sale of Costco card portfolio to Citi by June

Corporate logos are seen on the rear of a Costco membership card/American Express credit card in this photo illustration taken in Toronto, Ontario February 12, 2015. REUTERS/Hyungwon Kang

(Reuters) - Credit card issuer American Express Co (AXP.N) said on Monday it would close a previously announced deal to sell its Costco U.S. co-branded card portfolio to Citigroup Inc (C.N) by June.

AmEx, which was replaced by Citigroup and Visa Inc (V.N) last year to run Costco Wholesale Corp (COST.O) co-branded credit cards, had estimated a gain of about $1 billion from the sale.

Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D'Souza

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below