Bloomberg: Citigroup Plans To File IPO For OneMain By End-September

(RTTNews) - Financial services giant Citigroup Inc. (C) is planning to file an IPO for its consumer lending unit OneMain Financial Inc. by the end of September, Bloomberg reported Friday, citing people with knowledge of the matter. Citigroup also plans to reportedly explore a sale of the unit at the same time, in what is known as a dual-track process.

Baltimore-based OneMain Financial, formerly known as CitiFinancial, provides personal loans from more than 1,100 branches nationwide.

According to the Bloomberg report, a sale of OneMain Financial is worth at least $4 billion and Springleaf Holdings Inc. (LEAF) is said to be interested in buying the unit.

Evansville, Indiana-based Springleaf Holdings is a provider of consumer finance and credit insurance products that went public in 2013. The company has more than 830 branches in 26 states.

OneMain Financial is part of Citi Holdings, the unit created by Citigroup after the 2008 financial crisis to house its bad assets. Citigroup had tried to sell OneMain more than two years ago, but is said to have failed to reach a deal with the bidders at that time.

C closed Friday's trading at $52.38, up $0.15 or 0.29 percent on a volume of 18.34 million shares.