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Citigroup has scaled back the planned sale of its former CitiFinancial unit as part of negotiations with Centerbridge and Leucadia, as potential buyers grapple with how to fund the business as a standalone entity. Citi is discussing a sale of about $9bn in assets, held within the consumer lending business recently renamed OneMain Financial, people familiar with the matter told the FT. About $4bn in property assets have been carved out of the sale. The bank has gone backwards and forwards with potential buyers as to the composition of the asset pool, those people said, which began at $13.5bn. Berkshire Hathaway, Warren Buffett’s investment vehicle, is providing financing to Centerbridge and Leucadia to help fund OneMain, one person familiar with the matter said. Read more
Warren Buffett’s Berkshire Hathaway and Leucadia National agreed to buy Capmark Financial Group’s mortgage loan and servicing business for as much as $490m, increasing exposure to a possible US housing recovery, reports Reuters. Capmark, one of the largest US commercial real estate finance companies, also said it may file for Chapter 11 bankruptcy protection after soured loans left it with a $1.62bn Q2 loss. Read more