Suncorp-Metway Ltd. said Thursday that it sold its credit card portfolio to Citigroup Inc.'s Citibank.
Without revealing the price of the transaction, Suncorp, of Sydney, Australia, said the portfolio is valued at around $206 million.
Suncorp's head of retail banking, David Foster, said the agreement will allow his company to grow its portfolio in partnership with Citigroup. All the portfolio's cards will carry the Suncorp brand, and Citibank will be in charge of operational and credit risk, technology platforms, issuance, back-office processing, and portfolio management. The acquisition added around 100,000 cards to the Citibank portfolio.
