Hints and tips:
...Fortress had merged its portfolio company Springleaf with OneMain, previously owned by Citigroup, in 2015. Fortress will, in aggregate, net billions from its original investment of less than $200m....
...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...
...Citigroup, for example, got out of subprime lending three years ago when it sold CitiFinancial to Springleaf, owned by Fortress....
...The company changed its name from Springleaf last year, following the $4.3bn acquisition of Citigroup’s subprime business, known as OneMain Financial....
...But John Hecht, analyst at Jefferies, suggested the financial impact would not be huge on listed payday lenders, which include CashAmerica and Springleaf....
...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...
...Mr Parker is joining Springleaf, the subprime lender, as CFO....
...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....
...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....
...Chief financial officer John Gerspach said the “solid” results were testament to “the balance and strength of our business model”....
...Citi confirmed that plan on Tuesday, announcing the $4.3bn sale of OneMain, a subprime consumer lender, to Springleaf....
...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...
...the financial crisis....
...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....
...Springleaf Holdings, the just-listed consumer finance company, has a business model that fits the current environment perfectly....
...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....
...Its latest available financial figures showed it earned $2.2bn in 2012....
...for the Financial Times....
...Earlier this year, Springleaf, a speciality finance company, sold two securitisations of unsecured personal loans....
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