citi

Aurora, CO

#4029 Jan 18, 2011
Anybody hear anything about the kickoff meetings?
Curious

Fort Worth, TX

#4030 Jan 25, 2011
Really quiet out there!!!! Anything new??
Former Empl

Pincher Creek, Canada

#4031 Jan 25, 2011
I think everybody got fired!!!
Night Owl

Pittsburgh, PA

#4032 Jan 25, 2011
Anyone get re-branded yet.
ByeByeCitiFi

United States

#4033 Jan 28, 2011
Not every branch will get a new sign with OneMain. Some will not see the rebranding at their offices. They say Citi nevers sleeps...I can't wait to put them to bed. I will be glad to be out from under Citigroup. Changing our name is the best thing that could have happened to us.
former

Westland, MI

#4034 Jan 29, 2011
Looks like Citifinancial goes on the auction block next month.
SickandTired

United States

#4035 Jan 31, 2011
former wrote:
Looks like Citifinancial goes on the auction block next month.
What do you mean? Havent heard news since name change. Thanks
taxpayer usa

Louisville, KY

#4036 Jan 31, 2011
SickandTired wrote:
<quoted text>
What do you mean? Havent heard news since name change. Thanks
see reuters dated januaryn28th, they listed 3 potential
bidders as of now., they have also indicated they would be intersted in holding some of their bad paper in order to get rid of citifinancial
ByeByeCitiFi

United States

#4037 Jan 31, 2011
By Paritosh Bansal

NEW YORK | Fri Jan 28, 2011 8:28pm EST

NEW YORK (Reuters)- Citigroup Inc (C.N) is open to holding back some toxic assets in a bid to get the most value from the sale of its consumer finance business, CitiFinancial, sources familiar with the situation said.

Citigroup is asking for book value for the business, which is being looked at mostly by private equity firms, sources said.

Private equity firms, including Fortress Investment Group (FIG.N), KKR (KKR.N) and Blackstone Group (BX.N), are among potential bidders, sources said.

The process is in the early stages and a deal is not imminent. First-round bids are expected in early February, according to the sources, who declined to be named because these talks are not public.
ByeByeCitiFi

United States

#4038 Jan 31, 2011
Maybe one more "small" transfer of files to the Servicing Centers, to help clean up some of the branches. We will see. Not for sure.
gemma

Bartonsville, PA

#4039 Feb 2, 2011
Good
SickandTired

North Ridgeville, OH

#4041 Feb 4, 2011
Thanks for the info. Wondering if a private equity firm does purchase Citifi, if there will be more branch closures to further reduce overhead&expenses? Just a thought.
SickandTired

North Ridgeville, OH

#4042 Feb 4, 2011
ARTICLE I JUST READ:
Citi to Delay Sale of Unit Toxic Assets
Posted on 29 January 2011. Tags: citi, citibank, citifinancial, citigroup, fortress investment

----------

The first bids are likely to come in early February.
To maximize unit sale value, Citigroup Inc. may delay toxic assets from sale of its consumer finance business to maximize value. Citigroup wants business book value as it is what private equity firms consider the most said sources. Among possible bidders are Fortress Investment Group and Blackstone Group.

The process is too young that deal is not yet to happen. First bids are likely to come early February.

Business sale, a part of Citi Holdings non-core assets, is going to be its latest financial crisis aftermath book cleaning up step but ridding of problem assets may still be far away. Citi Holdings had a total of $359 billion of assets on Dec. 31, last year. It was $600 billion in March 2009.

Citigroup offers nearly $12 billion to $13 billion of CitiFinancial assets in the bidding whose book value is somewhere between $2 billion and $3 billion but will depend on the deal’s structure and value of lending platform.

Citigroup has been intending to sell the business and said CitiFinancial will close 330 U.S. branches and lay off about 500 to 600 jobs. Today, there are 1,500 U.S. branches to be renamed OneMain Financial in the summer.

The bank hopes to make the business more attractive and its size handy by delaying some assets. No comment came from Citigroup about the matter.

Private equity firms are looking at U.S. consumer finance assets to benefit from a dwindling supply of consumer loans to indebted people as firms like Citigroup leave the industry.

In 2010, most of consumer finance unit of American International Group Inc.(AIG) was sold at a significant discount to Fortress. Sources said a Who’s Who of U.S. private equity and hedge fund world viewed the business and 10 parties carefully studied American General Finance.

American General Finance bidders looked at how to work to on a deal such as requesting for seller financing for the asset portfolio, loan loss guarantees and earn-out provisions dependent on loan performance.

Buyers may see related issues of producing financing to buy the business and fund operations. The bank wants bidders to include several deal structures in their offers. More than AIG at the time it sold American General Finance, Citigroup though is being pressured to be free of the business that may give it more price negotiation power.

Incoming search terms:
&#9702;fortress investment group
&#9702;american general finance
&#9702;citi holdings
&#9702;citifinancial buyers
&#9702;sale of onemain financial
&#9702;UNIT OF AMERICAN INTERNATIONAL GROUP
Posted in Economy, FinanceComments (0)
former

Westland, MI

#4043 Feb 5, 2011
Will be a new beginning when sold. Probably for the better. You will have someone who wants to grow and make money vs someone who wants the company gone. Will bring more opportuntiy and stabilty. Just a thought.
From VA

Norfolk, VA

#4044 Feb 6, 2011
Lets all be positive.. and hope for the best...
ByeByeCitiFi

United States

#4045 Feb 6, 2011
From VA wrote:
Lets all be positive.. and hope for the best...
Yes. Let's all be positive. It will be for the best. We can rebuild OneMain. As I had mentioned in an earlier post...not all branches will get the new signage. So, according to the article that was posted from Jan.29...it looks like about 300 branches will possibly close? Let's hope for the best.
concerned

Las Vegas, NV

#4046 Feb 8, 2011
ByeByeCitiFi wrote:
<quoted text>
Yes. Let's all be positive. It will be for the best. We can rebuild OneMain. As I had mentioned in an earlier post...not all branches will get the new signage. So, according to the article that was posted from Jan.29...it looks like about 300 branches will possibly close? Let's hope for the best.
Where was this article from Jan 29 at what paper or site??
former

Westland, MI

#4047 Feb 8, 2011
Reuters article by Paritosh Bansal.
concerned

Mullins, SC

#4049 Feb 10, 2011
former wrote:
Reuters article by Paritosh Bansal.
Thanks!!
notloongnow

Warren, NJ

#4050 Feb 11, 2011
The 300 branches were closed last year...
the bidding on only the full service branches, not the collection branches... and from another article, it said they would be willing to even split the real estate acct and the personal loan ones.

I also saw today, a "bidder" said the branchs are to expensive to maintain in this market... soo looks more like a quick buy at low, resell just the paper a little higher for a small profit

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