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Financials

Citigroup seeks buyers for CitiFinancial - FT

NEW YORK, Jan 6 (Reuters) - 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.

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.

Citi could not be immediately reached for comment, after regular business hours.

Wall Street executives who have looked at the business said CitiFinancial could fetch up to $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. (Reporting by Dhanya Skariachan; Editing by Dhara Ranasinghe)

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