SYDNEY — Suncorp-Metway Ltd. said it sold its credit card portfolio to Citigroup Inc.'s Citibank.
Without revealing the financial details of the transaction, Suncorp said the portfolio is valued around A$230 million ($206 million).
Suncorp's head of retail banking, David Foster, said the agreement will allow Suncorp to grow its portfolio in partnership with Citigroup.
"It allows us to concentrate on the products and services we believe are best suited to our unique skills and capabilities," said Foster in a statement.
Under the partnership, all cards will be branded Suncorp, with Citibank responsible for operational and credit risk, technology platforms, issuance and back office processing, and portfolio management.
"For Suncorp, this means we will retain our existing customers and earn revenue from credit card commissions," Foster said.
The move will add around 100,000 cards to Citibank's portfolio.
