Was that an asset sale?

August 31, 2009

Did Citi sell something? All signs point to yes, but beyond that it’s hard to say.

Citigroup announced on Monday that it sold three credit card portfolios representing $1.3 billion in managed assets as part of a plan to unload weak businesses and troubled assets. The third-largest U.S. bank by assets did not disclose the terms of the deals, but said it will continue to service the portfolios through the first half of 2010.

Or, as New York Times chief financial correspondent Floyd Norris said as he bemoaned the lack of transparency from the taxpayer-funded bank:

I can’t remember a deal announcement when a company said it had sold undisclosed assets to an undisclosed buyer for an undisclosed price, resulting in an undisclosed profit or loss.

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