Washington Mutual consumer finance unit sold

NEW YORK -- Citigroup Inc., the world's largest financial services company, agreed Monday to buy Washington Mutual Finance Corp., the consumer finance unit of Washington Mutual Inc., for $1.25 billion in cash, to reach more customers.

Washington Mutual Finance, based in Tampa, Fla., provides direct consumer and real estate loans through its 409 offices in 25 states, primarily in the Southeast and Southwest states. The company had more than 2,300 employees and total assets of $4.1 billion as of Sept. 30, Citigroup said.

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