Ontario Teachers’ Among Bidders for CitiFinancial Canada: Globe

(Bloomberg) — The Ontario Teachers’ Pension Plan and several North American private-equity firms are among bidders to Citigroup Inc.’s subprime-lending business in Canada, according to the Globe and Mail.A sale of CitiFinancial Canada, a 200-branch unit that provides loans to consumers with poor credit ratings, could fetch more than C$400 million ($306.2 million), the newspaper reported Sunday, without saying how it learned about the bidders. That valuation is based on Citigroup’s $4.25 billion sale last year of its 1,100-branch U.S. subprime lender, OneMain Financial.Citigroup, which gets more revenue outside its home market than any of its U. …
Go to Source