Citi dumps more assets

CITIGROUP yesterday said it sold three credit card portfolios representing $1.3bn (&pound;798m) in managed assets, as part of a plan to unload weak businesses and troubled assets that caused huge losses.<br /><br />The group, which is about 34 per cent owned by the US government, did not disclose the terms of the deals, but said it will continue to service the portfolios through the first half of 2010.<br /><br />The cards portfolios were part of Citi Holdings, a division that includes assets the company is looking to shed or close over time.<br /><br />Citigroup &ndash; hurt by mounting losses and toxic assets &ndash; decided to separate into Citicorp, housing its key banking business, and Citi Holdings, which included its brokerage, consumer finance, and troubled assets.<br /><br />The credit card sell-off is the latest move by chief executive Vikram Pandit to dispose of non-core assets.