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Subprime lender OneMain putting itself up for sale: source
October 8, 2017 / 9:31 PM / a month ago

Subprime lender OneMain putting itself up for sale: source

NEW YORK (Reuters) - The subprime lender OneMain Holdings Inc (OMF.N) has put itself up for sale and is running an auction to solicit takeover bids, according to a person familiar with the matter.

The consumer credit firm, which makes car loans and other personal loans, was a unit of a Citigroup Inc subsidiary until SpringLeaf Holdings Inc bought it for more than $4 billion in 2015.

The Wall Street Journal first reported the talks on Sunday, citing anonymous sources and saying there are a number of interested parties, including rival lenders and private-equity firms.

Representatives for OneMain did not immediately reply to a request for comment.

Citigroup’s former consumer lending arm, CitiFinancial, renamed itself OneMain in 2011 in the wake of the financial crisis.

OneMain has provided loans and other credit products to more than 10 million customers in 44 states, its website says.

Reporting by Gregory Roumeliotis; Writing by Hilary Russ; Editing by Peter Cooney

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