Citigroup (C) to Acquire Costco's U.S. co-Branded Credit Card Portfolio from AmEx (AXP)
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Citi to Acquire Costco U.S. Co-Brand Card Portfolio
February 29, 2016 8:30 AM ESTClosing and Conversion Expected to Occur Mid-2016
NEW YORK--(BUSINESS WIRE)-- Citi today announced it has signed a definitive agreement with American Express to acquire Costcos U.S. co-brand credit card portfolio. The transaction is expected to close in mid-2016 at which time Citi will begin issuing Costco credit cards. Financial terms are not being disclosed.
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