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Citigroup expects $150 million gain on sale of Hilton cards to American Express
October 31, 2017 / 9:22 PM / 2 months ago

Citigroup expects $150 million gain on sale of Hilton cards to American Express

NEW YORK (Reuters) - Citigroup Inc (C.N) said on Tuesday it expects to record a $150 million pretax gain on the sale to American Express Co (AXP.N) of a $1.2 billion credit card portfolio from its co-brand deal with Hilton hotels.

FILE PHOTO - The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren

    The disclosure was made in a quarterly filing by Citigroup and follows earlier announcements that American Express would be taking over issuing all of the Hilton co-branded cards.

    Citigroup said the sale is expected to close in the first quarter and that the gain “approximates one year of revenues from the portfolio.”

    Reporting by David Henry in New York; Editing by Bill Rigby

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