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 consumer or government officials in entirely different financial circumstances?”...
...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....
...On Thursday, Apollo and Värde Partners announced they would pay $1.4bn for the 40 per cent stake of subprime lender OneMain held by another financial sponsor, Fortress....
...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....
...DD is your curated briefing on deals and dealmaking from the Financial Times....
...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....
...OneMain, formed from the 2015 merger of Springleaf Corporation and Citigroup’s divested OneMain Financial, has 1,800 branches that targets consumers who borrow to pay down other personal debt or meet immediate...
...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....
...Citi confirmed that plan on Tuesday, announcing the $4.3bn sale of OneMain, a subprime consumer lender, to Springleaf....
...the financial crisis....
...Chief financial officer John Gerspach said the “solid” results were testament to “the balance and strength of our business model”....
...GE also listed its US credit card business, Synchrony Financial, last summer. Its shares trades at 2.5 times book....
...It amassed nearly $11bn of regulatory capital last year, and freed up more this year — exemplified most recently by this month’s $4.3bn sale to Springleaf of subprime lender OneMain, a business it first...
...Analysts noted that Citi’s long-awaited sale last week of OneMain, its last remaining big subprime business, appeared timed for maximum effect, shortly before the results were in....
...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....
...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...
...The US bank is prepping the market in advance of a debut securitisation from OneMain Financial, its subprime consumer lending arm....
...Berkshire Hathaway has joined a consortium in exclusive talks to buy OneMain, the Citigroup consumer loan unit once known as CitiFinancial, says the WSJ....
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