We are advising Citi on the acquisition

Davis Polk is advising Citi on its agreement to acquire the Barclays American Airlines co-branded card portfolio, with the transition of cardmembers to Citi’s portfolio set to begin in 2026. Financial terms of the transaction were not disclosed.

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

The Davis Polk financial institutions M&A team includes partners Michael Davis and Eric McLaughlin, counsel Malik M. Khalil and Dana Seesel Bayersdorfer and associate Kendall Howell. Partner William A. Curran and associates Michelle Zhao and Omar Hersi are providing tax advice. Partner Frank J. Azzopardi and associate Lachlan J. Forrester are providing intellectual property advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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