January 07, 2011 / 16:44 IST
Citigroup is seeking buyers for CitiFinancial, the largest consumer finance company in the United States, in a deal that could raise hundreds of millions of dollars, the Financial Times reported.
A Citi spokeswoman declined comment.After months of restructuring, Citi had begun contacting potential buyers for CitiFinancial, which was one of the building blocks in its plan to become an all-purpose "financial supermarket," the FT reported, citing people close to the situation.Talks with likely bidders, which could include private equity groups and other finance companies, were at an early stage and no deal was imminent, the paper said. Wall Street executives who have looked at the business said CitiFinancial could fetch up to USD 1 billion, but warned that the final price would depend on the financing package Citi offers to potential buyers to help fund the business, the FT said. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
