Citi Acquired Costco U.S. Co-Brand Card Portfolio

Citi Acquired Costco U.S. Co-Brand Card Portfolio
20.06.2016 12:30 pm

Citi Acquired Costco U.S. Co-Brand Card Portfolio

M&A Deals

Citi today announced it has successfully completed the acquisition and conversion of Costco’s U.S. co-brand credit card portfolio from American Express. Citi acquired in excess of $10.5 billion of credit card receivables.

As of today, the new Costco Anywhere Visa Card by Citi and Costco Anywhere Visa Business Card by Citi are available exclusively to Costco members.

The long-term co-brand credit card program agreement between Citi and Costco was originally announced in March of last year. Citi does not expect the impact of the acquisition and conversion to be material to its earnings in 2016.

Related News

Nostra MSP acquires Brandon Global

Nostra, an independent, Irish owned and managed MSP company headquartered in Lucan, Co. Dublin has acquired Brandon Global IT for an... Read more »

Financial conglomerate SBI to acquire $30MM stake in digital asset firm B2C2

B2C2, the trading firm of choice in the institutional crypto markets, announced that SBI Financial Services (a subsidiary of SBI Holdings, "... Read more »

Rise in M&A predicted as retail banks navigate post-COVID crash, latest Kearney analysis reveals

Analysis from global consultancy partnership Kearney predicts a rise in mergers and... Read more »

MFS Africa Acquires Beyonic, Bringing Cross-Border Digital Payments to SMEs Throughout Africa and Beyond

Pan-African cross-border payments leader MFS Africa today announced that it has acquired ... Read more »

FIME expands testing & consultancy offering with the acquisition of CETECOM Payment activities in the U.S.

Payments testing and consultancy expert, ... Read more »

Elaia and Bpifrance acquire stakes in iBanFirst in a €21 million third round of funding

Global financial services provider iBanFirst, delivering solutions across banking borders, has announced that it will continue to expand with the help of venture capital funds... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel