(Adds step taken toward sale, description of business)
NEW YORK May 29 Citigroup Inc may finally
be able to sell its OneMain Financial personal loan business
later this year, CEO Mike Corbat said on Thursday.
Corbat, speaking at an investor conference in New York, said
Citigroup could dispose of the company through an outright sale
to a private equity firm, a public stock offering, or a
combination of the two, if prices are good.
Citigroup, the third biggest U.S. bank by assets, has wanted
to unload the business since shortly after the financial crisis
but has been unwilling to let it go for the prices offered, he
Earlier this year, Citigroup had OneMain take a step toward
independence by issuing some $760 million in securities to
establish "arm's-length funding," Corbat said.
OneMain makes subprime loans to individuals and is
profitable but does not fit the company's strategy, he said.
(Reporting by David Henry in New York; Editing by Bernadette
Baum and Jonathan Oatis)