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Citigroup (C) Stock Higher, Buying Costco Portfolio from American Express

NEW YORK (TheStreet) -- Shares of Citigroup (C - Get Report) are increasing 0.57% to $39.70 late Monday morning as American Express (AXP) said it will sell its Costco Wholesale Corp. (COST) U.S. co-branded card portfolio to the financial services company's consumer unit Citibank.

The sale is expected to close in June, at which time all eligible Costco American Express Card co-branded accounts will be transferred to Citi, according to a company statement.

Additional details will be provided to card members before the partnership end date.

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