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Green Bay's associated Banc-Corp sells credit card business to Citigroup

Green Bay, Wis. based Associated Banc-Core announced on Feb. 24 that it will sell its $130 million credit card portfolio to Citigroup Inc., the largest U.S. financial services firm. The deal is expected to close in the second quarter, and Associated should gain $12 million on the sale. Under the agreement, Associated Banc and Citigroup will offer Associated's 300,000 cardholders Associatedbranded credit cards serviced by Citigroup.

The deal also will provide new services for Associated cardholders, who will benefit from Internet account access and travel reward programs, according to a company news release.

Citibank USA is the affinity credit card unit of Citibank, ...

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