Citigroup Inc. agreed to sell its 103-year-old subprime lender OneMain Financial to Springleaf Holdings Inc. for $4.25 billion in cash, taking another step away from the business model championed by Sandy Weill.

Springleaf, majority owned by Fortress Investment Group LLC, plans to complete the acquisition in the third quarter, the Evansville, Indiana-based company said Tuesday in a statement. Citigroupsaid the sale will add about $1 billion to pretax earnings, and Springleaf expects the deal to boost 2015 net income, excluding one-time charges tied to the purchase.

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