U.S. Bancorp (USB) Buys Citigroup's (C) Interest in Various Credit-Card Portfolios

U.S. Bancorp (NYSE: USB) has purchased Citigroup's (NYSE: C) interest in three North American credit-card portfolios. Citigroup is in the process of shedding assets that aren't considered to be a core part of its business, according to the WSJ.

The portfolios aren't that large by industry standards, representing about $1.3 billion of loans that are tied to credit-card operations of small financial institutions.

Citigroup announced the sale, but it didn't identify the buyer or type of portfolio that was being sold. Representatives of U.S. Bancorp couldn't be reached for comment.

Citigroup is one of the biggest credit-card issuers, with a portfolio that includes cards that it issues on behalf of retailers such as Sears (Nadsaq: SHLD) and Home Depot (NYSE: HD). However, such cards aren't part of the sale to U.S. Bancorp.

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