Hints and tips:
...Citigroup, for example, got out of subprime lending three years ago when it sold CitiFinancial to Springleaf, owned by Fortress....
...CitiFinancial Canada has more than a quarter of a million active customers, 1,300 employees and 217 branches. It specialises in lending to consumers with poor credit scores....
...Into Citi Holdings went a diverse range of assets, including CitiFinancial, a consumer finance company with 3,000 branches catering to US customers but these were distinct from the urban, international customers...
...Citigroup has scaled back the planned sale of its former CitiFinancial unit as part of negotiations with Centerbridge and Leucadia, as potential buyers grapple with how to fund the business as a standalone...
...Citigroup has dropped $4bn of property assets from its attempt to sell OneMain, its rebranded CitiFinancial consumer lending unit, to Centerbridge, Leucadia and Berkshire Hathaway, says the FT....
...Berkshire Hathaway has joined a consortium in exclusive talks to buy OneMain, the Citigroup consumer loan unit once known as CitiFinancial, says the WSJ....
...The unit, formerly known as CitiFinancial, was the cornerstone on which Sandy Weill, former Citi chairman, built the world’s largest financial-services company....
...Citigroup is seeking buyers for CitiFinancial, the largest consumer finance company in the US, sources have told the FT....
...After months of restructuring, Citi has begun contacting potential buyers for CitiFinancial, a key element in its failed effort to become a “financial supermarket”....
...Yet when the bank set aside businesses and assets that did not fit its post-crisis strategy, the unit – named until recently CitiFinancial – was among those targeted for disposal....
...Last week at least three private-equity consortiums submitted bids of about $2bn, in the second round of Citi’s auction for CitiFinancial, according to people familiar with the matter....
...The unit – named until recently CitiFinancial – was among those targeted for disposal in the group’s post-financial crisis strategy....
...Last year, Citi closed down more than 300 CitiFinancial branches, stopped making loans at another 184 and rebranded the remaining 1,500 outlets OneMain Financial....
...KKR is working with BlackRock on a possible bid for the unit, previously known as CitiFinancial....
...KKR is working with BlackRock on a possible bid for the lending arm, previously known as CitiFinancial....
...CitiFinancial Europe, owned by Citigroup of the US, had 80 per cent of its credit card related complaints upheld in its customers’ favour....
...Citi, in which the US government has a stake of about 22 per cent, has designated CitiFinancial as a non-core business....
...Citigroup fell 0.2 per cent to $4.94 after sources said that the bank was seeking buyers for CitiFinancial, the largest consumer finance company in the US....
...Mr Banga joined Citi in 1996, and headed up CitiFinancial and the US Consumer Assets Division from 2000 to 2002....
...As the bank redraws the boundaries of its core business, dealmakers expect it to give greater consideration to the sale of CitiFinancial, Primerica, and a range of other tangential global operations....
...Putting out an “everything must go” sign is a poor negotiating tactic even were the market for, say, a subprime lending arm (CitiFinancial) not appalling....
...Mr Pandit is looking to scuttle many businesses near and dear to Mr Weill, including Primerica, an insurance-marketing force, and CitiFinancial, the company’s subprime lending arm, which has more US branches...
...* Local consumer finance: including CitiFinancial and CitiMortgage in the U.S., and consumer finance operations in Western Europe, Japan, India, Mexico, Brazil, Thailand and Hong Kong....
...Bert Pijls, business manager for Citi’s UK consumer business, said: Following a strategic review of the consumer business in the UK, Future Mortgages and CitiFinancial were not identified as areas for strategic...
...Mortgage origination activities of CitiFinancial, Citibank and Smith Barney branches will remain with those business entities....
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