WASHINGTON (dpa-AFX) - Banking major Citigroup Inc. (C) announced late Thursday that its U.S. Consumer Cards business has agreed to acquire Kard Financial, a commerce media and rewards platform. The terms of the acquisition were undisclosed and are not material to Citi's financial results.
The deal is subject to satisfaction of customary closing conditions.
Kard Financial helps banks and fintechs boost customer engagement through personalized offers.
The proposed acquisition would combine Citi's scale and payments expertise with Kard's technology, commerce platform, talent and merchant relationships. The acquisition is expected to strengthen Citi's commerce ecosystem with more personalized rewards and offers while creating new opportunities to connect customers, merchants and brands.
In the transaction, Keefe, Bruyette & Woods, A Stifel Company, acted as exclusive financial advisor to Kard.
In the overnight activity on the NYSE, the shares were trading 0.10 percent higher at $138.87, after closing Thursday's trading 0.84 percent up.
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