The new entity rising from the defunct lender IndyMac is OneWest Bank and it has entered into discussions with New York Community Bancorp about a sale. This was confirmed by three sources with Reuters.
OneWest has been interested in conduction an IPO with an option to sell should a good offer come along. OneWest is funded in part by investors John Paulson and George Soros and has been in discussion with banks in order to determine buyout interest. According to sources who requested anonymity, the only bank in the discussions is New York Community Bancorp.
According to a letter to investors last year, as reviewed by Reuters, Paulson said that the upside for OneWest is between 20% to 80% and 'depending on future growth and the type of monetization of the position be it a sale or an IPO.'
Back in 2009, the Federal Deposit Insurance Corp sold nearly US$20 billion of assets for the beleaguered lender and now it has 73 branches with assets of US$25 billion.
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