Citigroup Inc. is selling another of its Diners Club card-issuing businesses, this time unloading its operation in the United Kingdom and the Republic of Ireland to Affiniture Cards Ltd., a UK-based private investor group, the companies said Aug. 6.
The deal fits into Citi's strategy to sell assets within Citi Holdings, a unit it established in 2009 for non-core assets, according to the release. Other terms of the deal were not disclosed.
Citi retains certain Diners Club card-issuing franchises, including one in Greece, a Citi representative in London said in an interview.
Affiniture will retain the Diners Club brand on its newly acquired card operation, the representative says. Citi executives were not available to discuss plans for other Diners Club franchises.
BMO Financial Group in late 2009 agreed to purchase the Diners Club North American franchise from Citi; the deal closed in January 2010.
Discover Financial Services owns the Diners Club International brand, which is issued by various franchises around the world.