NEW YORK -- Citigroup Inc will set up an independent credit card unit, Bloomberg reported on Monday, citing two sources with direct knowledge of the plan.

Steven Freiberg, who used to run the bank's North American credit card business, will run the card unit, Bloomberg reported, adding that an announcement may come as soon as today.

Citigroup representatives could not immediately be reached for comment.

Citi will also overhaul its consumer banking business as part of a major review of the bank aimed at restoring profitability after 2007 profit fell more than 50 percent. The bank's market value has more than halved in the past year.

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