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Friday, September 12, 2014

Citigroup's OneMain planning to go public by month end -Bloomberg, (NYSE: C)

Citigroup Inc is planning on taking its OneMain Financial Inc personal loan business public by September end, Bloomberg said citing people with knowledge of the matter. OneMain, which is worth at least $4 billion, is expected to start considering offers from potential buyers, the report said. ( May, Chief Executive Officer Mike Corbat said at an investor conference that Citigroup could dispose of the company through an outright sale to a private equity firm, a public stock offering, or a combination of the two, if prices are good.OneMain makes subprime loans to individuals and is profitable but does not fit the company's strategy, Corbat had said.Rival installment loans providers, SpringLeaf Holdings Inc is interested in acquiring OneMain, the report said, citing the people.

Citigroup Inc. (Citigroup) 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, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Shares of C traded higher by 0.29% or $0.15/share to $52.38. In the past year, the shares have traded as low as $45.18 and as high as $55.28. On average, 15918300 shares of C exchange hands on a given day and today's volume is recorded at 18335564.