Citigroup Inc will sell a $ 1.7 billion portfolio of private equity assets to European buyout firm AXA Private Equity as part of a strategy to clean up its books in the aftermath of the financial crisis, says a media report.

"Citigroup has struck a deal to sell a $ 1.7 billion portfolio of private-equity assets to European buyout firm AXA Private Equity," The Wall Street Journal reported citing a source.

The deal marking the banking giant's latest divestiture is expected to be announced today, the report noted.

The portfolio consists of 207 limited-partnership interests in buyout funds, including stakes in funds owned by KKR & Co, Blackstone Group LP, Carlyle Group, Providence Equity Partners and others, as well as direct stakes in around 20

companies, it added.

These stakes are a part of the company's assets of around $ 600 billion, including troubled loan and securities portfolios that Citi earmarked for sale in 2009 as it set out to focus on core businesses after a US government bailout during the financial crisis.

The deal comes roughly a year after AXA Private Equity, a part of French insurance giant AXA SA, acquired $ 1.9 billion in private equity funds from Bank of America Corp, which has also been selling assets to reduce risk and focus on its core business.