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

Mon Feb 29, 2016 9:23am EST
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(Reuters) - Credit card issuer American Express Co (AXP.N: Quote) 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: Quote) by June.

AmEx, which was replaced by Citigroup and Visa Inc (V.N: Quote) last year to run Costco Wholesale Corp (COST.O: Quote) 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)

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