Suncorp sells cards business to Citi

Suncorp agreed to sell its credit card business to Citigroup under a white-label arrangement, the Financial Review reported.

The agreement covers around $220 million in receivables and around 100,000 customers.

This is the third credit card portfolio that Citi has managed to buy over the last three years.

Cuscal sold a small portfolio in 2005 while Bank of Queensland sold its cards business to Citi in early 2007.

The Suncorp purchase will boost Citi's portfolio of $3 billion by only seven per cent, and take Citi's share of credit card receivables in Australia to 10 per cent.