Citigroup to sell consumer finance unit for $4.25B

Citigroup Inc. agreed to sell its consumer finance unit, OneMain Financial Holdings Inc., to subprime lender Springleaf Holdings Inc. for $4.25 billion in cash.

Citigroup has been seeking the sale since 2011, and according to Reuters, it's a major step in the No. 3 U.S. bank's plan to sell unwanted assets and focus on wealthier clients.

OneMain, which had assets of $9.72 billion at the end of September, provides personal loans for meeting unexpected expenses such as medical bills or car repairs and for buying small-ticket items such as refrigerators.

Read more from Reuters.