NEW YORK (

TheStreet

) --

Citigroup

(C) - Get Report

has offloaded part of its Diners Club credit card processing business as it continues to rid itself of unwanted assets.

Elavon, a subsidiary of

U.S. Bancorp

(USB) - Get Report

, acquired Citibank's Diners Club Card "merchant-location" portfolio in Western Europe, which represents more than 75,000 merchants, according to a statement from the Atlanta-based payment processing company.

Small and mid-size businesses that accept Diners Club cards in the region will now process their transactions through Elavon, a spokeswoman said.

She declined to say how much Elavon paid for the business.

Elavon has also signed an agreement with Diners Club International, a unit of

Discover Financial Services

(DFS) - Get Report

. That deal calls for Elavon to provide processing, funding and customer support services for merchants that accept Diners Club International cards in the U.K., Ireland, France, Benelux, Switzerland and Germany, Elavon said in its statement.

Citi has been making incremental progress in divesting what it has deemed are non-core assets housed in its Citi Holdings' portfolio.

Last month, USBancorp was also reportedly the buyer of three

Citi

retail private label credit card portfolios from Citi.

Citi shares rose 2% to $4.47 in morning action on Monday.

--Written by Laurie Kulikowski in New York.