Home / Features / Citigroup Inc. (NYSE:C) Decided To Sell Its Canadian Subprime Lending Unit- SunTrust Banks (NYSE:STI)

Citigroup Inc. (NYSE:C) Decided To Sell Its Canadian Subprime Lending Unit- SunTrust Banks (NYSE:STI)

Citigroup Inc. (NYSE:C) [Trend Analysis] attempts to attain leading position in street, Shares price changes as it 0.02% to close at $55.46 with the total traded volume of 24.98 Million shares. Citigroup Inc. (C) decided to sell its Canadian subprime lending unit to an investor group led by private investment firm JC Flowers and Värde Partners for an unrevealed amount, as the bank scales back its international consumer banking presence.

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 firm offers personal loans that start at 27.99 percent and mortgage refinancing that starts at 10.35 percent, according to the firm’s website. CitiFinancial Canada was not immediately accessible for comment. The firm has institutional ownership of 73.00%, while insider ownership included 0.10%. Its price to sales ratio ended at 2.75. C attains analyst recommendation of 2.10 with week performance of 4.98%.

SunTrust Banks, Inc. (NYSE:STI) [Trend Analysis] try to make new thrust in street and making different trends, stocks trading ended with 0.74% to $51.78. SunTrust Banks, Inc. (STI) reported that it has been selected by the U.S. Treasury Department’s Community Development Financial Institutions Fund to receive $80 million in tax credit allocation authority in the 2015-2016 round of the New Markets Tax Credit (NMTC) Program. The firm’s subsidiary, SunTrust Community Development Enterprises, was one of 120 recipients receiving awards totaling $7 billion.

This is the eighth time SunTrust has been selected as a recipient, with awards totaling $508 million in allocation authority. The NMTC Program is deinked to attract private-sector capital investment into the nation’s urban and rural low-income areas to help finance community development projects, stimulate economic growth and create jobs. This award will allow SunTrust to continue to make loans and investments with reduced interest rates and/or non-traditional terms and conditions. The share price of STI attracts active investors, as stock price of week volatility recorded 2.48%. The stock is going forward to its 52-week low with 69.79% and lagging behind from its 52-week high price with -1.65%.

 

About Aaron Smithies

Aaron Smithies has a wide look on current monetary and financial events. He is an editor and a writer. His views; At Streetwise Report, we think the best opportunities arise from a complete understanding of all investing disciplines in order to identify the most attractive stocks at any given time. Interests: Biotech, Finical markets, Dividend stock ideas & income, Energy stocks, Consumer goods stocks

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