Banco Santander is considering partnering with private equity fund manager, Warburg Pincus, to bid for Citigroup’s consumer-finance business, The Wall Street Journal reports. Citigroup is expecting to get a bid equal to book value, about $2 billion, for its unit, CitiFinancial. Another rival group still in the bidding is a private equity consortium, including Blackstone Group and Carlyle Group. Santander had bought a $3.2 billion portfolio of auto loans and servicing rights to another $7.2 billion from Citi in 2010.
Click here for the story from The Wall Street Journal.
Click here for additional coverage from Financial Times.