Shearman & Sterling represented Citigroup in its sale of $1.6 billion in managed assets, part of its U.S. retail sales finance portfolios, to GE Capital. The assets were part of Citi Holdings. Terms of the deal, which has received regulatory approval, were not disclosed.

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Shearman & Sterling's team was led by partner Scott Petepiece (New York-Mergers & Acquisitions), counsel Dan Litowitz (New York-Mergers & Acquisitions), and associates Nadir Nurmohamed (New York-Mergers & Acquisitions), Tammara Fort (New York-Mergers & Acquisitions), Morgan Dann (New York-Mergers & Acquisitions) and Naveen Thomas (New York-Mergers & Acquisitions). Other Shearman & Sterling attorneys involved in the transaction are partners Laurence Bambino (New York-Tax), Kristen Garry (Washington, DC-Tax) and Samuel Waxman (New York-Intellectual Property Transactions), associate Derek Kershaw (New York-Tax) and legal assistant Patrick Hudson.