Citi selling $1.6B retail credit-card assets to GE

NEW YORK (AP) — Citigroup is selling $1.6 billion in retail credit card assets to GE Capital as the bank continues to shed smaller businesses to focus on its core consumer banking operations.

The New York-based bank, which was one of the top recipients of federal bailout aid, is restructuring operations as it recovers from the recession and credit crisis. Citi recently said it was exiting the private student loan business and sold its Japanese brokerage.

Terms of the deal with General Electric Co.'s financing arm were not disclosed.

The credit-card portfolio, which includes cards for retailers such as Home Depot Inc. and Macy's Inc., services more than 40 million customers and consists of about $50 billion in managed assets. Citigroup Inc. will service the portfolio until the first quarter.