Citi to sell Diners Club card issuing UK, Ireland business

Mon Aug 6, 2012 6:15am EDT

A woman walks into a Citibank branch in New York January 17, 2012. Citigroup Inc fourth-quarter profit fell 11 percent and missed Wall Street estimates as the European debt crisis battered capital markets, hurting trading revenue and discouraging clients from doing deals. REUTERS/Shannon Stapleton

A woman walks into a Citibank branch in New York January 17, 2012. Citigroup Inc fourth-quarter profit fell 11 percent and missed Wall Street estimates as the European debt crisis battered capital markets, hurting trading revenue and discouraging clients from doing deals.

Credit: Reuters/Shannon Stapleton

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(Reuters) - Citigroup Inc (C.N) agreed to sell its Diners Club card issuing businesses in the United Kingdom and Ireland to private investor group Affiniture Cards Ltd as the bank continues to shed assets held in Citi Holdings.

Terms of the deal were not disclosed.

The third largest U.S. bank is still feeling pain from Citi Holdings, a unit set up in 2009 to house assets and businesses it was looking to shed, after the 2007-2008 credit crunch forced multiple U.S. government rescues.

(Reporting by Ashutosh Pandey in Bangalore; Editing by Supriya Kurane)

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