Citigroup recently announced that it has sold its UK online bank, Egg, to Barclays for an undisclosed amount.
The acquisition “has been priced at a significant discount to gross receivables.”
Barclays plans to integrate 1.2 million UK Egg accounts into its credit card division, Barclaycard.
Citigroup will be selling off $2.9 of gross assets (1.8 billion pounds) as it sheds its UK consumer business and focuses on restructuring its US branches.
This is the latest example of US firms pulling back from the UK credit card market. Citigroup sold about 540,000 UK credit card accounts last year. Citigroup has also been selling off its consumer businesses in other European countries such as Portugal, Norway, and Italy.
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