Santander, BlackRock in Race for Citi Consumer Finance Arm

Spanish lender Banco Santander, S.A. (STD), U.S. asset manager BlackRock (BLK) and the investment group of former Citigroup (C) executive Bob Willumstad, who left Citi in 2005 and later became chairman and chief executive of international insurer AIG (AIG), are among would-be buyers of Citi’s consumer finance unit, which could fetch about $2 billion, the Financial Times reports.

According to FT sources, Mr Willumstad has teamed up with The Blackstone Group (BX) and global asset management firm Carlyle as private equity bidders scramble to join the auction.

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