OneWest Bank FSB, the lender backed by John Paulson and George Soros, is working with Goldman Sachs Group Inc. to find a buyer as it also prepares for an initial public offering, people with knowledge of the matter said.
OneWest, which was known as IndyMac Bancorp Inc. before its 2008 failure, has begun reaching out to potential buyers and plans to solicit bids in the next two months, said the people, who asked not to be identified because the matter is not public. If it cannot find a buyer it will file for an IPO, possibly in the second quarter, the people said.
The lender had $3.8 billion in tangible equity at the end of September, filings show. At that size, its acquisition would be the largest of a U.S. Bank since Capital One Financial Corp. acquired ING Groep NV’s online lender for $9.1 billion in 2011, according to data compiled by Bloomberg. With U.S. regulators wary of letting lenders grow too large, takeovers by banks in the country have stalled since the credit crisis.
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