Coles Enters Deal with Citi Over $880m Credit Card Business

 In Australia, Coles, NewZealand
Wesfarmers is selling its $880 million Coles credit card portfolio to Citi in a move away from the financial services sector.
The company announced on Thursday the retailer would enter a 10-year deal with Citi to distribute its Coles-branded credit cards.
Under the deal, Citi will manage the business and acquire the $880 million credit card portfolio. Coles will receive a share of risk-adjusted revenue.
It marks a retreat from the financial services industry by Wesfarmers, whose Coles division became the first Australia supermarket to fund its own financial services arm when it took full control of the business from GE Capital last year. Sydney Morning Herald – Read more…

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