By Mike Spector, Christina Rexrode and Gillian Tan 

Subprime lender Springleaf Holdings Inc. and private-equity firm Centerbridge Partners LP are among those separately weighing initial bids for Citigroup Inc.'s U.S. subprime lending business ahead of a Thursday deadline, said people familiar with the matter.

The sale process for the business, OneMain Financial, is in early stages and other bidders could emerge, the people said. In addition to Springleaf and Centerbridge, other private-equity firms have been eyeing OneMain, and some bidders could team up as they attempt to buy the Evansville, Ind., lender, some of the people said.

OneMain is expected to fetch more than $4 billion, one person said.

Citigroup has said it is open to spinning off OneMain as a separate public company, selling it or a combination of the two. OneMain in October filed paperwork with regulators to pursue a possible initial public offering.

Citigroup tried to sell OneMain in 2011, but investors were concerned about being able to raise financing for the deal and the bank was worried about selling for too low a price. Centerbridge was among those that weighed buying OneMain at that time, teaming with Warren Buffett's Berkshire Hathaway Inc. and Leucadia National Corp. before deciding against pursuing a deal.

Springleaf, majority owned by private-equity firm Fortress Investment Group LLC, has been interested in OneMain for years, dating at least as far back as 2011, according to people familiar with Springleaf. Springleaf couldn't in the past pursue a deal for OneMain in part because of a burdensome debt load that prompted it to hire restructuring advisers. But Springleaf cut jobs, narrowed losses and raised money by securitizing loans and tapping debt markets. It went public in October 2013.

Fortress owns about 64% of Springleaf. The private-equity firm acquired a majority interest in the subprime lender for about $125 million in 2010 from American International Group Inc., the insurer that received a government rescue during the financial crisis.

Write to Mike Spector at mike.spector@wsj.com, Christina Rexrode at christina.rexrode@wsj.com and Gillian Tan at gillian.tan@wsj.com

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