Citigroup Inc's Brazilian unit plans to sell its Credicard consumer finance unit as part of an effort to focus business on the most profitable areas, Valor Econ�mico reported, without saying how it obtained the information.Citigroup made available some preliminary information on the unit to potential bidders through a data room, Valor said. There is still no estimate of the value of Credicard, which is a consumer finance company focused on low-income households, the newspaper reported.A public relations executive for Citigroup said the bank does not comment on market speculation.Last year, HSBC Holdings Plc gave up on its sale of a similar unit, Losango. The business model of consumer finance companies such as Credicard and Losango is losing appeal after interest rates fell to record lows and as borrowers scale down the use of pre-dated checks to pay for loan installments.
Citigroup Inc. is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. Shares of C remained unchanged at $42.16. In the past year, the shares have traded as low as $24.61 and as high as $43.34. On average, 37285800 shares of C exchange hands on a given day and today's volume is recorded at 0.
HSBC Holdings plc is a banking and financial services organization. Shares of HBC remained unchanged at $56.85. In the past year, the shares have traded as low as $38.56 and as high as $56.95. On average, 1531380 shares of HBC exchange hands on a given day and today's volume is recorded at 545.
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