Citi to sell Canadian subprime lending unit to private equity firms: Reuters
Citigroup Inc agreed to sell its Canadian subprime lending unit to an investor group led by U.S. private equity firms J.C. Flowers and Värde Partners for an undisclosed amount, as the bank scales back its international consumer banking presence, Reuters reported. CitiFinancial Canada, which charges a higher interest rate than most mainstream lenders in Canada, has drawn criticism from some consumer advocates over its interest rates and fees. The company offers personal loans that start at 27.99 percent and mortgage refinancing that starts at 10.35 percent.
17 November 2016•1 min read
