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Citi to sell OneMain Financial to Springleaf

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Citigroup is to sell OneMain Financial Holdings to Springleaf Holdings (NYSE: LEAF) for a purchase price of USD4.25 billion in an all-cash transaction.

 The deal is expected to close in the third quarter of 2015, subject to regulatory approvals and other customary closing conditions.

Citi CEO Michael Corbat, says: “OneMain is a great business with talented people, who will now become part of a leading personal finance company. While this business didn’t fit our strategy, it serves customers who deserve and need credit. Today’s announcement is a significant milestone in the simplification of our company and we continue to focus on delivering the potential of our franchise for our clients and shareholders.”

Jay Levine, President and Chief Executive Officer of Springleaf, says: “This is a transformational transaction, bringing together two best-in-class personal finance businesses to create a combined company that we believe is financially strong and optimized for growth. With complementary branch networks, a leading digital presence, and an ongoing commitment to responsible lending practices, we are positioned to serve a significant portion of Americans.”

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