Axa, the French insurer, has sold its interest in Associates First Capital to Citigroup as it continues to overhaul its collection of US financial interests.

In its largest acquisition since being formed two years ago, Citigroup has paid $31.1bn (€35bn) in stock for the whole of Associates, the biggest US consumer finance company. Axa, Associates' biggest shareholder, owned 13% of the company and should get about $4bn for its stake.