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Citi to float its credit business
US BANKING giant Citi yesterday filed plans to float its consumer finance arm, OneMain Financial, further cutting down its non-core units to streamline the business.
Citi has been trying to sell the business for several years, and is running a joint track process, preparing the initial public offering while also considering a sale to Springleaf Holdings.
OneMain has 1,141 branches and 1.3m customers across the US. At the end of 2013 it had $8.2bn (£5.1bn) of loans outstanding and profits of $536m. The filing listed a $50m nominal sum to be raised in the IPO, not an actual sale price.