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American Airlines Group, Inc. (NASDAQ:AAL) shares are trading marginally lower on Friday.
The firm is reportedly negotiating to make Citigroup, Inc. (NYSE:C) its exclusive credit card partner, ending its long-standing partnership with Barclays PLC (NYSE:BCS), which dates back to the airline’s 2013 acquisition of US Airways, reported CNBC.
In March, Bloomberg noted that the airline is renegotiating its contract for co-branded credit cards to increase its share of a vital revenue stream for U.S. carriers.
A spokesperson for Citigroup informed CNBC that the company is continually collaborating with its partners, including American Airlines, to find opportunities to enhance customer products and promote shared value and growth.
The recent news by CNBC suggests that the company’s discussions are still underway, and the timing for reaching an agreement, subject to regulatory approval, remains uncertain.
However, chances are there that objections from U.S. regulators, including the Department of Transportation, could potentially delay or even derail a contract between American Airlines and Citigroup, leaving the existing partnership with Barclays unchanged, CNBC flagged.
According to Benzinga Pro, AAL stock has lost over 15% in the past year. Investors can gain exposure to the stock via U.S. Global Jets ETF (NYSE:JETS) and Themes Airlines ETF (NASDAQ:AIRL).
Price Action: AAL shares are trading lower by 1.17% to $10.98 at last check Friday.
Photo via Shutterstock
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