Hints and tips:
...Over the past six years Apollo has borrowed against shares in five companies it listed, including ADT, Rackspace, Hilton Grand Vacations, TD Synnex and OneMain Financial, according to securities filings....
...Apollo has also historically turned to the borrowings, pledging its shares in ADT, Rackspace, Hilton Grand Vacations, TD Synnex and OneMain Financial to secure loans, according to the filings....
...Disposals in the period included a stake in lending group OneMain Financial, a personal loans group in which it invested in 2018....
...The US financial services sector enjoyed four years of restrained enforcement and supervision during Donald Trump’s presidency....
...There was a lot of consumer debt sloshing around when this crisis began: $14.3tn of it, $1.6tn above the financial crisis peak, according to the New York Fed’s quarterly household debt report....
...Consumer lending has been one of the bright spots of the US financial services sector in recent years. It now looks a more risky bet as the US economic expansion gets longer in the tooth....
...The company — a former unit of AIG, the insurer laid low by the financial crisis — changed its name from Springleaf in 2015, after it bought Citigroup’s subprime business, known as OneMain Financial, for...
...The business, since renamed OneMain, was sold last week to Apollo and Värde Partners, the private equity firms....
...The company changed its name from Springleaf last year, following the $4.3bn acquisition of Citigroup’s subprime business, known as OneMain Financial....
...But smaller companies have been swept up too, particularly those that had been under close scrutiny by regulators including the Consumer Financial Protection Bureau....
...But another one may be the prospects for listed consumer lenders — OneMain Holdings, Santander Consumer, Synchrony Financial, Lending Club — whose share prices are down so far this year....
...But John Hecht, analyst at Jefferies, suggested the financial impact would not be huge on listed payday lenders, which include CashAmerica and Springleaf....
...Citigroup has taken a big step in ridding itself of “bad bank” assets by selling OneMain Financial, its consumer finance unit, to Springleaf for $4.25bn....
...Earlier this week Citigroup sold its consumer lending business, OneMain Financial, to rival Springleaf Financial for $4.25bn. One can make a lot of money in subprime these days....
...Mr Parker is joining Springleaf, the subprime lender, as CFO....
..., its consumer finance business, to Springleaf....
...the financial crisis....
...The IPO will be watched closely as other financial companies chart their path towards a sale or IPO. OneMain Financial, Citigroup’s US subprime consumer lending business, is considering both routes....
...Santander Consumer USA, which provides car loans to subprime borrowers, raised $1.8bn from its IPO in January, while Ally Financial the auto-lender bailed out by the US Treasury during the financial crisis...
...Soon after, Springleaf Financial, a speciality finance company spun out of the bailed-out insurer AIG, revealed a similar mishap....
...Mr Gerspach said Citi had made progress on an “eventual” sale of OneMain Financial – its subprime consumer lending arm and a key asset of the bad bank – which has proved to be a significant drag on the bank...
...Springleaf stopped making real estate loans last year; it still has a loss-producing legacy portfolio in run-off. It also bought a consumer portfolio from HSBC, which it services....
...Shares in Springleaf, the former subprime consumer lending arm of the bailed-out insurer AIG, have climbed 51 per cent since raising $411m from an October IPO....
...Jeff Immelt, the group’s chief executive, has said he wants to cut its reliance on financial services to about 30 per cent of earnings. GE Capital, Goldman Sachs and JPMorgan declined to comment....
...Earlier this year, Springleaf, a speciality finance company, sold two securitisations of unsecured personal loans....
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