Citigroup is sad to be in advanced talks to sell its consumer finance arm OneMain Financial Holdings to subprime lender Springleaf Holdings.
According to reports, Springleaf has agreed to pay over $4bn for OneMain and a deal is expected to be finalized within the next two weeks.
Citigroup may also decide on an initial public offering of OneMain instead of outright sale.
The move is part of the bank’s plan to dispose of unwanted assets and focus on wealthier clients.
If the deal is materialized, the combined entity of Onemain and Springleaf would comprise 2,000 branches.