Citi To Sell Consumer Lending Unit

Citigroup is in exclusive talks to sell OneMain to Centerbridge Capital Partners and Leucadia National, The Wall Street Journal reports. The other bidders for Citi’s consumer finance unit included a group led by Blackstone Group and the team of Apollo Management and JC Flowers.

The unit was rebranded and restructured last year, valuing the business at $2 billion and assets of nearly $10 billion. OneMain, formerly known as CitiFinancial, had been up for sale since a year.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Reuters.