NEW YORK (Reuters) - Citigroup Inc (N:C) said on Tuesday it expects to record a $150 million pretax gain on the sale to American Express Co (N:AXP) of a $1.2 billion credit card portfolio from its co-brand deal with Hilton hotels.
The disclosure was made in a quarterly filing by Citigroup and follows earlier announcements that American Express would be taking over issuing all of the Hilton co-branded cards.
Citigroup said the sale is expected to close in the first quarter and that the gain "approximates one year of revenues from the portfolio."