(AP) – 3 hours ago
NEW YORK — Citigroup Inc. said Tuesday it is selling its Diners Club North American franchise to BMO Financial Group as it continues to shed noncore assets and streamline operations. Financial terms of the deal were not disclosed.
The sale of the North American operations comes more than a year after Citigroup sold the international portion of the Diners Club operations to Discover Financial Services. The international business was sold to Discover in April 2008 for $165 million.
New York-based Citi, among the hardest hit banks by the credit crisis last year, has been selling off divisions throughout 2009 that are no longer considered part of its primary consumer and institutional banking operations.
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