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BlackRock, Santander Said to Pursue Citigroup Consumer Unit

BlackRock Inc., Banco Santander SA and more than 10 private-equity firms are forming groups to bid for Citigroup Inc.’s U.S. consumer-lending unit, people with knowledge of the matter said.

BlackRock, the world’s biggest money manager, and private-equity firms KKR & Co. and Warburg Pincus LLC are considering a joint bid for the unit and are in talks to include Santander, Spain’s biggest bank, said the people, who spoke on condition of anonymity because the discussions are private. Their team is one of at least four competing for the business, which has about $13 billion of assets, the people said.