OneWest Bank has purchased a $1.4 billion portfolio of loans on multifamily and commercial real estate from Citigroup Inc. as the latter continues to shed assets and OneWest continues to grow.
Terms weren't disclosed.
Citi has been selling noncore businesses and assets as the company works to focus on operations including retail and investment banking.
OneWest has 82 branches in southern California and assets of $28 billion. The operations include the failed IndyMac, which was seized by federal regulators in 2008 and subsequently bought by private-equity investors.
The OneWest ownership roster includes J.C. Flowers & Co. LLC, an investment firm run by former Goldman Sachs Group Inc. banker J. Christopher Flowers; Paulson & Co., the large hedge-fund operator; MSD Capital LP, which invests the fortunes of Michael Dell; and a fund controlled by George Soros.