FILE PHOTO - The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren

NEW YORK (Reuters) - Citigroup Inc C.N said on Tuesday it expects to record a $150 million pretax gain on the sale to American Express Co AXP.N of a $1.2 billion credit card portfolio from its co-brand deal with Hilton hotels.

The disclosure was made in a quarterly filing by Citigroup and follows earlier announcements that American Express would be taking over issuing all of the Hilton co-branded cards.

Citigroup said the sale is expected to close in the first quarter and that the gain “approximates one year of revenues from the portfolio.”