Citigroup, Inc. (C) has sold off a part of its Diners Club credit card processing business to Elavon, a subsidiary of US Bancorp (USB), as it continues to rid itself of unwanted assets. Elavon acquired Citibank's Diners Club Card merchant-location portfolio in Western Europe, which represents more than 75,000 merchants. Small and mid-size businesses that accept Diners Club cards in the region will now process their transactions through Elavon. Terms of the deal were not disclosed. Separately, Elavon has also signed an agreement with Diners Club International, a unit of Discover Financial Services (DFS). The agreement will enable Elavon to provide processing, funding and customer support services for merchants that accept Diners Club International cards in the U.K., Ireland, France, Switzerland and Germany. Citigroup, once the largest U.S. bank by assets, fell behind last year after a series of acquisitions by rivals. The ...