canadian goose jacket others eye Citi’s OneMain consumer finance unit canadian goose jacket

canada goose deals A man walks past a Citibank branch in lower Manhattan, New York October 16, 2012. REUTERS/Carlo AllegriThe bank has not made a decision yet about whether to sell canada goose uk outlet the business, which makes personal loans through a network of about 1,100 branches, one of the sources said.OneMain is part of Citi Holdings, which Citigroup created during the financial crisis to park assets it wanted to canada goose factory sale eventually divest or wind down.The nature of the private buy canada goose jacket cheap equity firms proposals and the timing and status of these conversations could not be learned, but the sources said a deal could come together this year.A Citigroup spokesman declined to comment. Springleaf declined to Canada Goose Parka comment.The identity of the other private equity firms interested in Canada Goose Coats On Sale OneMain could Canada Goose Online not be canada goose coats on sale learned.In December, Citigroup Chief Financial Officer John Gerspach said at an industry conference that while the business was profitable it did not fit with the bank target canada goose black friday sale audience. The bank has been focusing on wealthier customers, Canada Goose Jackets while OneMain caters to canada goose lower income people.continue to evaluate all options for exiting cheap Canada Goose OneMain, Gerspach said at the time.Selling OneMain would allow Citigroup to winnow Citi Holdings uk canada goose even further. After chipping away at it over the past few years, the bank had reduced www.beachcottage.ca the assets in the unit to $117 billion at the end of the fourth quarter, from a peak of more than $875 billion.Still, a deal for OneMain presents a canada goose clearance sale dilemma for the bank. taxable income but he was not specific, and canada goose uk shop Citigroup does not disclose its income statement. income to use some of its $53 billion of tax credits and deductions, known as deferred tax assets, that it mainly accumulated from losses and foreign tax payments buy canada goose jacket during and after the financial crisis.In June last year, analysts estimated realizing these benefits over time could be worth some $27 billion, or $9 per share, to Citigroup.The sources said one option is for the bank to sell a minority stake in the unit, which would allow it uk canada goose outlet to retain some of the earnings stream from the operation.The bank has tried to sell OneMain, which was formerly called CitiFinancial, before. Sources told Reuters in 2011 that the bank was talking to several private equity firms that were attracted to consumer finance assets about a deal.Companies such as OneMain give out personal loans to people to meet unexpected canada goose uk black friday expenses like medical bills or car canadian goose jacket repairs, and to buy small ticket items such as refrigerators and televisions. OneMain gives personal loans up to $15,000.As major banks have pulled back from riskier Cheap canada goose jackets cheap canada goose uk lending such as these kinds canada goose store of personal loans in the aftermath of the financial crisis, some buyout shops have seen an opportunity to fill the void. They bet that such lending will grow as the economy recovered a wager that has been paying off in at least some cases. In mid October, it took Springleaf public and has seen the company shares rise around 30 percent.One of the sources said the logic of combining Springleaf with OneMain has been apparent to top canada goose coats financiers for years. Former AIG Chief Executive Maurice Greenberg and former Citigroup CEO Sanford Weill spoke about the possibility when they ran the respective companies more than a decade ago.Weil and Greenberg could not be immediately reached for comment.A sale of OneMain would mark Canada Goose sale the end of an important chapter in Citigroup history. At its core, OneMain is the old Commercial Credit business, which in the mid 1980s named Weill as its CEO. Weill used Commercial Credit to acquire lenders, brokers, and insurers to create what became Citigroup.SECOND ATTEMPT? Citigroup 2011 attempt to sell OneMain failed because financial buyers, who did not have access to cheap deposit funding, could not find a way to raise enough money in capital markets to fund the purchase.Sources said at the time that Citigroup wanted at least book value for the business, which was around $2 billion. But any buyer would have needed to canada goose clearance raise billions more to finance the unit roughly $13 billion of assets at the time. It now has about $9 billion in assets, though its current book value could not be ascertained.The bank tried Canada Goose online to structure a deal by offering to keep a minority stake and helping Canada Goose Outlet to arrange at least part of the financing needed for the transaction canada goose deals.