Tuesday, March 1, 2011

Citigroup (C) Sells Egg Assets to Barclays (BCS)

Citigroup (NYSE:C) announced it is selling the U.K. credit card assets of its Internet bank, Egg, to Barclays (NYSE:BCS), as it continues to shed non-core assets to raise capital to pay back government funds.

Included in the assets are 1.15 million credit card accounts with 2.3 billion pounds, or about $3.7 billion, in gross receivables.

Barclays said the price of the deal was far below the amount of the gross receivables.

Terms of the acquisition weren't disclosed.

Citigroup was trading at $4.62, down $0.06, or 1.29 percent. BCS was trading at $20.48, down $0.29, or 1.40 percent, as of 12:33 PM EST.

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